Equities were pushing up, had taken out some resistance levels and was pushing up to all time highs. USD was up a bit when I looked at it’s basket, but it was stalling at some resistance and looked like a re-test and not a reversal, so I looked at it to the short side.
On the other hand, CAD had been strong for a while, but over the prior couple of days, it was down. Looking at lower time-frames, though, it appeared to be pushing up and looked ready to break out of some resistance.
When I got to this chart, it had already pushed down, rallied to some resistance, and was sitting right on that same support level again. It definitely looked weak, and the R:R was close to 2 so I set an entry order.
Entry – 1.25650
Exit – 1.25520
Price pushed down and triggered me into the trade pretty quickly, and continued to be weak from there. A few hours later it got within a couple of pips of 1R, so I was able to move my stop to break even. Later in the evening, as I continued to monitor, I was able to move my stop a little more in profit, following the second SAR dot. Price started to rally a bit after that, so that was the furthest I was able to move my stop before going to bed.
When I checked the chart in the middle of the night, I saw that I was stopped out for a decent little profit. I’m not sure what this means/how I feel about this but looking at the chart now, price rallied to my entry (re-test) and is now way through my target.
I was right about the direction and everything, but got stopped out early — I was still following my rules so I’m not upset about it. Maybe I need to get to the charts a little earlier so I can try to capitalize on those second moves? Live and learn.
