This trade opened at the close of the 0900 EDT hour bar. I was a bit tardy getting in (typical work issues), and when I checked the pair, it had retraced somewhat and I was short the pair at 1.1220. On the issue of getting into a trade late, I will almost always take a trade if there was a bit of retracement or if the move looks to be continuing. If the retracement was 50 pips or if I was 100 pips late to the party, I might sit it out. Anyway, the pair moved down pretty quickly and hit +50 pips, where I moved to break even, then quickly went back up and took me out. Net zilch. Sigh. This pair continues to consolidate and when it does move, I expect it will be a strong one. I'll be posting another trade idea on this pair today.
Happy Trading!
Happy Trading!
