When this trade closed above its support (see last entry), I was watching to see if that close would be confirmed by a strong up move. You've got to remember that everyone who trades Forex sees the same prices that you do. So the world was watching when this pair broke above its long term resistance line. The question was, could it sustain the move? The vote was clearly "no" as the pair immediately fell back over the next 2 hours. I was watching between 1100 and 1200 EDT as the pair looked like it might test the resistance line again, but started to fail. I put a sell limit in at 1.2950 and waited.
The trade opened at about 1220 EDT at my sell limit of 1.2950. I put my stop above the recent high at 1.3070. The trade went sideways for a few hours then about 2300 EDT started to fall. When I got up at 0300 EDT (this morning) to check my trades, I moved to break even as the pair had hit 1.2900 (+50 pips) an hour or so earlier and put a 50 pip trailer on it (wanting to give it room to find the 800 sma). The pair looked like it might take me out at break even, then continued its fall. I was finally stopped out a couple of hours ago at 1.2800 for a +150 pip gain. While it did not find the 800 sma (and I still think it will), it did ok for me over the last few days.
Happy Trading!
The trade opened at about 1220 EDT at my sell limit of 1.2950. I put my stop above the recent high at 1.3070. The trade went sideways for a few hours then about 2300 EDT started to fall. When I got up at 0300 EDT (this morning) to check my trades, I moved to break even as the pair had hit 1.2900 (+50 pips) an hour or so earlier and put a 50 pip trailer on it (wanting to give it room to find the 800 sma). The pair looked like it might take me out at break even, then continued its fall. I was finally stopped out a couple of hours ago at 1.2800 for a +150 pip gain. While it did not find the 800 sma (and I still think it will), it did ok for me over the last few days.
Happy Trading!
