Disclaimer: Updating on 3/8
Equities had been weak for a couple of days prior, but they looked to be regaining some strength this morning and potentially return to the upside over the next couple of days. With that in mind USD was down and basing on the 4h chart right around a strong support area. AUD on the other hand was up on the day and was basing near some resistance. Both looked like they had breakout potential, and I was leaning risk-on so a trade here made sense to me.
When I got to this chart, it looked like it had made a reversal move to the upside and was basing, giving me a great entry/exit point
Entry – 0.78215
Exit – 0.77800
After triggering into the trade, price mostly based again near my entry for the next several hours. I went to bed with that being the case, and just being hopeful that it would push up overnight. Unfortunately it didn’t, and when I checked the charts around 7:30am, price had pushed down to near my stop. I fell back asleep for a bit, in the hopes that it would reverse before I woke up, but unfortunately it never did. It just pushed down and stopped me out for a loss.
