USD was ranging, and was heading toward the bottom of it’s range. AUD broke out above the range it had been in for a while. When I looked at this chart, it was in a nice high base on the hourly chart, so I set an entry order.
Entry – 0.65795
Price rose, got close to my entry and based for a bit, then finally pushed high enough to trigger me into the trade.
| Entry Order Level |
|---|
| 0.65795 |
| Stop Loss Level |
| 0.65225 |
| Target Level |
| 0.6666 |
Exit – 0.6583
After triggering, price dropped almost all the way to my stop, but not quite that far. The next day, it rose and reached nearly 1R — it got close enough that I moved my stop to break even. I started following my stop along the SAR on the hourly chart, but admittedly, I didn’t look for a couple of hours. It was during that time price reversed again enough to stop me out for a small profit. It would’ve been a bigger profit had I been paying attention, but only slightly. I will be better.
Side note, there was a AUD news announcement that occurred right as the price dropped to stop me out, so I’m assuming that’s what led to the drop. I need to formulate a better strategy for trading around the news events.
