AUD pushed up huge yesterday morning, but it looked extended. This morning, price was pushing up again and looking at lower time-frames, didn’t look extended. Definitely looked like a solid long play to me, though I did have the thought in the back of my mind that AUD usually only has the one day and the next rarely is as strong (usually a base or a pullback), but I ignored it and focused on the chart in front of me.
CAD on the other hand had been pushing down for, essentially, the 4th day in a row, and had taken out some support on the 4h chart. Looked weak to me.
When I got to this chart, it had made a pretty strong move up and was in a bit of a pullback. I gave it a couple of hours to see how it would behave, and it mostly based (though it was a tight base) I ran some numbers and the risk was only around 15, which gave me pause, but I hadn’t traded in about 3 weeks, and the numbers looked good so I didn’t want to sit on the sidelines. I set an entry order with 1/2 position size.
Entry – 0.97230
Exit – 0.97082
I monitored this all day, and at one point it pushed up and got within a few pips of 1R. Sometimes I move my stop when it gets within, say, 5, but since my stop/target was so close, I wanted to wait for a true 1R. Unfortunately, though, it never came and later in the afternoon price reversed and stopped me out for a loss.
