EUR has been quite weak lately, especially vs the dollar, so this has something I’ve been seeing for a couple of weeks. Today was little exception. When I looked at this chart this morning, price had made a little rally, up to a prior resistance area, but appeared to be heading back down. I had already taken the EUR/AUD trade and was looking for another, so by the time I got to this, I was only looking at 5 min. charts. I was already resolved to short, I was just looking for a pattern to short in to.
Entry – 0.998
As I mentioned, price was on a rally in the morning, but appeared to be returning to the down side. There were 3 strong down-candles, and I told myself if a rally forms, I’ll short into it. Lo and behold, a rally did form, so I set entry orders.
Entry – 0.998
Target – 0.996
Stop – 0.999
R:R – 2:1
Exit – 0.99798
Price pushed in my favor fairly quickly, reaching 1r in a couple of minutes. Nearly as quickly, though, price rallied and stopped me out at my trailing stop, essentially right at break even. The is another one where the only criticism I have for myself is maybe
