On the daily chart, this is low-basing and is in the middle of the base heading down. On the 15 min. chart, price was coming off of a nice rally and headed back down — I missed the low of the rally, but only by about 5 pips, so I sent a market order to get in right away.
Entry – 1.69064
Set a market order, was filled right away
| Entry Order Level |
|---|
| 1.69064 |
| Stop Loss Level |
| 1.6932 |
| Target Level |
| 1.68587 |
Exit – 1.69049
Price moved nicely in my favor, making it to 1R, so I was able to move my stop to break even. I began to follow the SAR on the 15 min. chart, but a rally began, and got close to my stop at the SAR. Looking at the last rally, it looked like it was simply that, before heading back down, so I moved my stop up to B/E again (losing about $4 potentially) in the hopes that it would reverse again before heading down. Unfortunately, though, that didn’t happen and I got stopped out at basically break even. Better than a loss!
