Our patience was rewarded on this trade. It opened yesterday in the early morning hours at 131.80 and, after a slight hesitation, took off. It moved to break even early during the 0900 EST bar and I put a 50 pip trailer on it. The pair kept moving up and ultimately hit a high of 136.38 (oh how this pair can move). It then gave some of the move back, but we were stopped out at 135.30 for a hefty +350 pip gain. With the earlier losses we took waiting for the break out, we netted +250 pips. Not bad at all.
One of the lessons of this trade is that sometimes you've got to wait for the move and not be discouraged if you get faked out a few times. Stay with your trading plan and, if you've done your homework, you will prevail.
Happy Trading!
One of the lessons of this trade is that sometimes you've got to wait for the move and not be discouraged if you get faked out a few times. Stay with your trading plan and, if you've done your homework, you will prevail.
Happy Trading!
