Going through RSW this morning, USD was looking like a good buy. It was up, pushing up against some resistance, and equities were falling. On the other hand, while equities were falling, NZD didn’t look like it was pushing lower with much conviction, so I decided to leave it alone.
I didn’t like any of the pairs that I ended up looking at, so I thought I wouldn’t trade, but in the afternoon, I went hunting again. NZD was pushing lower, and it looked to be a better short than others, while USD still looked good.
When I got to this chart, price was pushing down, and it looked like I missed it. I checked the 15 min. chart, and decided if it stayed there for 4ish candles — enough of a pause for me — I’d pull the trigger. I did so with 1/2 position size though because A) I wasn’t looking at NZD in the morning and B) it was only a 20 pip risk. I liked it, though, so I put the order out there.
Entry – 0.66285
Not too long after setting the entry order, price pushed down and triggered me into the trade.
| Entry Order Level |
|---|
| 0.66285 |
| Stop Loss Level |
| 0.665 |
| Target Level |
| 0.66 |
Exit – 0.6616
The work day was over, but I was doing my best to keep my eye on this so I could adjust my stop into profits. It didn’t move quite enough, and later in the evening, I started playing games with some friends online. When the call ended, I checked the charts again and saw that price had touched my target, shot up and nearly stopped me out, and was then sitting at about 1R.
At that point, I moved my stop to the next resistance level above price because I probably should’ve either looked to take another position near my target or fully gotten out at my target. It was late, so I went to bed and when I woke up in the middle of the night to check on this, it was further in my favor, but had pushed up enough to stop me out for a decent gain.
