This week was pretty wild but I think there are still a few more pips to be had.
Price seemed to be ranging around the Weekly Pivot, so I put in one last trade for the week. Here is the setup on the 30 minute chart.
Click above to enlarge
As you can see, the Accelerator trade set up 5 times before this trade. The setup happens when price gets 100 pips or more from the Weekly Pivot (WP).
I use a 20 pip buffer from the WP as the target and stack 10 positions 5 pips apart.
I was a little apprehensive about taking this trade because of all previous hits, but the long wicked candles at the top still gave a good indication that price would reject that level. Even though price action looked good, I was still cautious.
Price dropped down and got close to the target. Since it was Friday, I didn’t want to get stuck in a position over the weekend because Sunday night might gap open. So I wanted to close it out as soon as possible. Here is the 5 minute chart.
Click above to enlarge
I exited too early and price eventually ended up hitting the target. At the time, I kicked myself for not letting it go, but in hindsight, it was OK. Being that is was Friday and price already hit the target multiple times, it was good to play it safe.
The trade resulted in a +1.3% gain on the account.
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