CAD had pushed up this morning and taken out a pretty strong resistance level. It looked pretty extended in it’s basket, but it was the only Long I liked, and I wanted to check it out in case it didn’t look too extended on individual charts.
JPY had been steadily pushing down over the last week and this morning had just broken a small base it formed over the last few hours. I missed the initial break, but since it had broken that level, I wanted to check it out to the downside.
When I got to this chart, it was on a deep pullback, which looked to me like a retest (especially given the relatively tight base it had broken out of), and was on it’s way back up. There was a mini base that formed on the way back up, so I set my entry point there, with a stop below the base of the initial breakout.
Entry – 88.003
Exit – 88.047
Price pushed up, eventually hitting 1R, which is when I moved my stop to break even. It wasn’t long after that that the SAR started pushing up above my entry, so I was able to move my stop into profit a bit (I followed the second-to-most recent SAR as usual). I was able to move my stop twice before price reversed pretty strong stopping me out — but for a small profit.
