I do not trade this pair often. It was all about the chart.
For novice traders – What does 90 pips mean?
If you go to Google to find the pip value for a Standard Lot of currency, you’ll see that a pip is worth just over 9 dollars for this pair.
So that would be $810. In how long?
Notice that the entry and exit are marked on the chart. Each candle is 4 hours so we can easily figure out roughly how long the trade lasted.
See the related post below the image. The result of this trade was that it did not get stopped out at breakeven. What happened was that a take profit limit order was filled for about +100 pips profit.
I noticed the price of this pair was at a level near a prior swing high. There was an opportunity shortly after the entry to get a stop loss order in at breakeven. That was done and now we’ll wait to see how the price action unfolds.
One objective of these posts is to show that trading is work and takes some effort. This position might get stopped out by the end of session today (Friday). That would be fine. There will be opportunities next week.
Charts101 Trading 