Here is the second part of the previous Counter Trend Trade. This trade targeted a move back to the original daily pivot, so there was a much longer runway. Here is the 30 minute chart:
Click above to enlarge
This trade was triggered by a huge price move past the R3 (red line). The next thing to do was to target about 20 pips above the daily pivot (yellow line) of that day.
Price tested the resistance level three times before dropping down and eventually hitting the profit target.
I ended up closing this trade early however and did not make the full potential profit on the trade. The total gain on the account was +10.4% and will go a long way to helping me recover from the poor trade earlier in the week.
Here is the 1 minute chart for a close up view of the trade:
Click here to enlarge
Price retraced then ended up hitting the target perfectly. Was it better to take the profit? Probably, but it would have been nice to get all of it.
Oh well, on to the next one!
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