This was a great example of riding the surprise box trade to it’s full potential (with only one lot). I’m working on how to make this trade more profitable, but I was satisfied with how this one turned out.
Short 1 (400 units) EURCHF @ 5257
Stop @ 5353 (-96)
Limit @ 4280 (+977)
Bounce off of bottom of Surprise box. This pair started to consolidate around the 800 SMA and I drew the customary
Surprise box. I liked the look of this one from the beginning. I got to the party a little late, but the market was doing a nice bounce off the bottom of the box (which is my favorite entry for this trade) .
Click above for larger image
I ended up moving my stop several times, always slightly above the 200 EMA as the market moved down:
———————-
Stop moved to 5298 (-41)
———————-
Stop moved to 5249 (+8)
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Stop moved to 5220 (+37)
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Stop moved to 5182 (+75)
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Stop moved to 5120 (+137)
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Stop moved to 5050 (+207)
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Stop moved to 5020 (+237)
———————–
Stop moved to 4980 (+277)
Then I got stopped out at the last level which turned out to be slightly better than wating for price to close above the 62 EMA, the exit signal for the trade.
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Hugh,
You like those trades that bounce off the bottom. That is because BIG money is in the trade and that bounce is their final check to see if there are any buyers out there. No buyers means SELL SELL SELL. That retest of support or resistance is a very good sign no matter which way the trade is moving.
Yes, waiting for the bounce is something I really learned from Hector Trader. But sometimes, you have to be willing to go with the first breakout too because it may not look back! It just depends when I open my screens I guess.
Happy Trading!