EUR was still showing a lot of weakness this morning and GBP had broken out of the range that it’s been in for a couple of weeks (minus a couple spikes). I looked at a couple of different charts, but this had the nicest pattern out of all of them. R:R was only a little over 1.5 but that’s still within my rules, and while other charts may have had better R:Rs available, I wanted to trade the one more likely to pay off. I set my entry order, using my 5 pip buffer, outside of the bottom of the base
Entry – 0.83214
As I hoped, price moved down outside of the base and eventually triggered my entry. As of this writing, it’s already moved to ~1R so my stop is at break-even right now. Let’s see how many pips we can make off of this!
| Entry Order Level |
|---|
| 0.83214 |
| Stop Loss Level |
| 0.83475 |
| Target Level |
| 0.82816 |
Exit – 0.83211
I was able to move my stop to break even, but at that time, price simply based. I was hoping for another breakout to the downside, but it broke out to the upside and stopped me out for (essentially) a breakeven trade
