I had to sit on this one for awhile but it just goes to show that it pays off to wait for the market to do it’s thing. As long as the stop isn’t hit, or something fundamental doesn’t change dramatically, then you just have to stay in.
Long 1 (200 units) AUDUSD @ 6943
Stop @ 6840 (-103)
Limit @7044 (+1001)
Squeeze box breakout. Similar to the EURUSD break I just took.
Click above for larger image
I actually made a mistake on this trade. I set the limit at +100 pips, NOT +1,000 like I intended. Imagine my surprise when I was taken out of the market! What I learned from this is to use my spreadsheet calculator to generate the numbers for me and not calculate levels one by one.
It was just as well though, my risk/reward was 1:1 and as you can see, the market rejected the previous reistance pretty violently. I’m not going to sweat this trade too much. I’m OK with making 100 pips! Next…
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