Over the last few weeks, AUD has looked quite strong and was up against some resistance. USD was almost the opposite — has been consistently weak, and was sitting on some support. When I looked at this pair’s chart, it was in a nice high-base pattern and while the R:R was only at 1.5, it was still within my parameters (and was the best setup I’d seen). I set my entry orders and waited.
Entry – 0.63799
It took a little while, but slowly but surely price moved it’s way up, eventually triggering me into the trade.
| Entry Order Level |
|---|
| 0.63799 |
| Stop Loss Level |
| 0.6321 |
| Target Level |
| 0.64724 |
Exit – 0.63805
This didn’t do a whole lot after I entered the trade, but it stayed positive for the most part. Eventually, later in the day, I noticed that price had gone up to within 6 pips of 1R. At that point, I made the decision to move my stop to break even before going to bed.
I checked in the middle of the night and while price had reversed, I hadn’t gotten stopped out yet, but when I woke up in the morning and checked first thing, I had. I hoped it was on another small pullback and would head back up again, but that wasn’t the case. Oh well, I’ll take a break even trade all day.
