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 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.
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