Disclaimer: I’m journal-ing this based on my notes the day after I closed the trade.
It was the day before Thanksgiving weekend started and I didn’t plan on trading, but I did want to to my daily analysis. After doing my analysis, and looking at the charts, NZD/JPY looked a little too good not to give it a shot. It was breaking to new highs, and was very close to breaking out above resistance. I set entry orders and waited for them to trigger
Entry – Later on in the day, after I finished working, my trade was triggered
| Entry Order Level | Stop Loss Level | Target Level |
|---|---|---|
| 70.147 | 69.63 | 71 |
Exit – 70.881
Over the long weekend, price moved in my favor, had a bit of selloff, bringing me back to ~0, and then by the market close on Friday, stalled out around .5R. I left it alone, followed my rules, and started to monitor this Sunday afternoon/evening; and noticed that it had gapped up. By Monday morning, price had moved in my favor and hit 1R, which is when I moved my stop to break even. Given market conditions, I didn’t expect this to move drastically, so I wanted to be kind of aggressive early. I began following the SAR on the 15min. chart almost immediately, leaving it at levels of resistance when price stalled — and then moving it up to the next SAR when price moved up again. Eventually, as was inevitable, price hit my stop/loss for a +73 pip win!
