Updating on 8/25
Since Mid-June, this had been pushing down, making new lows by the end of June. There was a rally throughout July, but was pushing down through August up until the day I looked at this. When I did, price had been on a rally, but reached a prior support area and was down a bit on the day. Overall, everything looked weak, so I looked to short it.
Entry – 0.73750
Looking at the 5 min. chart, price had made a new low, had rallied, and was on it’s way back down. I put in an entry order on the break of the prior-resistance area to the downside, with a stop at the top of the rally.
Entry – 0.7375
Target – 0.736
Stop – 0.738
Exit – 0.73693
Price pushed strongly in my favor, quickly, getting beyond 1R but not quite reaching my target. I had a trailing stop set, so I just let it ride. Eventually, price did rally enough to hit my trailing stop, and stop me out, but at a ~6 pip profit.
This looked like a couple trades that I’ve lost in the past, but this one worked out. I’m not sure what else to say about it. Since it does look like trades I’ve lost in the past, I’m not even sure I can say this was a good trade necessarily.. Again, I need to look for cleaner entries sometimes, I think, but that’s all I’ve got.
