On this Long Trade, we don’t have the best entry, however there is a stop at break-even and an aggressive target from here would be about 70 PIPS. The stop is not in an ideal place, and therefore the chances are pretty good that it will be stopped out unless price starts moving higher as we approach the closing of the U.S. markets.
Update: This trade was manually closed for +14 PIPS
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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