This was actually two separate short trades.
The first was exited with a small loss. Looking back, it would have been nice to get short earlier on the 2nd trade.
We still netted 30 pips though.
Keep in mind the spread has been about 5 pips.
From a price action perspective we might say there was a sort of failed breakout.
Then the price fell to an area where there happens to be a 50 period simple moving average.
This trade was open for less than a day. Initial target was around 200 PIPS, just above the 61.8 Fibonacci level.
Instead we trailed the stop to a point where +135 PIPS was gained. See Daily view.
Here is the trade recap:
In about 2 days we took profit of +100 PIPS by using a Sell Limit order.
Earlier, a “morning star” type formation was carved out under the horizontal line. The initial Stop Loss was at about that low. When the Asian Session was starting, the price experienced brief selling. Once priced moved higher, the Stop Loss was raised to just below that candle low (red arrow).
The Take Profit was set around the previous swing high which was also at a down trending line, and it was filled this morning.
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