CAD had been in a wide range for months, but over the last few days it had been pushing up and taking out multiple resistance areas. This morning, price was still pushing up, and the only resistance area left was one spike from a couple months prior. It looked to still be on an upward run, so I looked at it long. On the other hand CHF was down on the day and while it didn’t look incredibly weak, it was the weakest that I saw for the day so I looked at it short.
When I got to this chart, it was pushing up, but was stalling at the time. The daily chart looked somewhat extended, as it did in the CAD basket, but it didn’t look extended on the hourly chart, so I liked that. Also, there was a pretty clear high base forming, so I liked that as well.
I ran the numbers and the R:R wasn’t quite 2, but it was solid, but even then I didn’t pull the trigger right away. Price was pushing down a bit when I was running the numbers, so I waited to see how much further down it would push. Price stayed within my parameters, and so before leaving to go to the gym, I pulled the trigger and set an entry order.
Entry – 0.74010
Exit – 0.73725
Price, naturally, pushed up just enough to trigger my entry into the trade, then it danced around/just below my entry point for most of the night, and pushed down overnight to stop me out of the trade. There was nothing that I think I could’ve done once the trade was triggered in this instance — it’s just another one of those that went immediately against me.
