I woke up early this morning to try to trade the CAD and USD new events, but price (based on the news) moved in the opposite direction than I anticipated. Since I missed that, I decided to do my regular daily analysis to see if there were any other opportunities to trade today. The market is moving, and after looking through 6 or 8 pairs, EUR/NZD appeared to have the best setup as well as R:R. I’m setting entry orders to the short side, because even the next level of support is far enough away that it offers a good reward.
Entry – Almost immediately after setting the entry orders, they were triggered. Since it’s Friday, and I don’t necessarily want to hold this through the weekend, I’ll begin to follow the SAR with my stop on the 15 min. chart once it reaches 1R — see if I can’t make a good amount of pips before the weekend hits.
| Entry Order Level |
|---|
| 1.68565 |
| Stop Loss Level |
| 1.688 |
| Target Level |
| 1.6806 |
Exit – 1.68405
Price moved nicely in my favor, reaching 1R which is when I was able to move my entry to break even. I trailed my stop using the SAR on the 15 min. chart, and was able to catch 16 pips before I was stopped out!
