First RSW and first trade of the year! I did my research this morning and CAD was in a bit of a low base, but on the 4h chart it was pushing up to some pretty strong resistance. EUR was down quite a bit on the day and on the 4h chart was showing a decent bear-rally.
When I got to this chart, it was in an interesting pattern. It was basing, but after short-lived up-move so it wasn’t exactly a low base. Additionally, by the time I looked at this pair, the price had broken that range, but fortunately had rallied back to the bottom of it. I set my entry orders based on the original range, ignoring the break that had just happened.
Entry – 1.56193
| Entry Order Level |
|---|
| 1.56193 |
| Stop Loss Level |
| 1.556 |
| Target Level |
| 1.566 |
Exit – 1.55906
Price pushed in my favor pretty strongly once it triggered and looked great. Since my R:R was 1.5 (rather than 2) I moved my stop to break even around .75R. Price looked like it was going to reach my target, so I decided I’d put a take profit, to lock those in, rather than following the SAR.
In doing so, I somehow lost my stop-loss. No matter, I’ll just add my stop loss back. When I tried that, though, I somehow closed the trade. I’m not exactly sure how I did it, so I have to mess around with the practice account to find out what I did so I don’t repeat it.
Regardless, it was a nice 29 pip profit, it just could’ve been closer to 60. Live and learn, still a GREAT start to 2021!
