Equities dropped a little yesterday, and this morning, looking at futures, they were slated to drop much more significantly today. Looking at the baskets. USD spiked yesterday, but ran into some resistance, so I didn’t want to look at that, but CHF and JPY were both moving higher with room before the next resistance level.
NZD and AUD were dropping, but coming off of long up-trends; AUD’s being longer. I wasn’t super prepared to short either, but they were the only 2 today that I was comfortable shorting at all, so I took a look. Looking at the individual charts, AUD wasn’t offering a good R:R, but NZD was in both, with NZD/CHF being higher, so I set entry/stop orders.
Entry – 0.60875
Not too long after setting my entry order, price pushed down again, triggering me into the trade.
| Entry Order Level |
|---|
| 0.60875 |
| Stop Loss Level |
| 0.61315 |
| Target Level |
| 0.60 |
Exit – 0.60718
Price moved nicely, eventually hitting 1R, and I was able to move my stop to break even, and then it along the SAR on the hourly chart. I was able to move my stop 16 pips in profit before price reversed enough to stop me out.
