This was actually two trades (click here to see original trade idea). The first was a "head fake" trade which opened short the close of the 0800 EDT bar on April 3. I was short the pair at 1.3401. The pair continued down for about 35 pips, then popped back up inside the triangle and pierced the upper line of the triangle taking me out at my stop loss of 1.3455 for a -54 pip loss. On the same bar that took me out of the short trade (the 1400 EDT hour bar), we entered a long trade. I was in at 1.3481 at the close of that bar. This trade did a bit better. We moved the stop loss to break even at +50 pips yesterday not long after trading opened and the pair continued to move up nicely. I'd put a 20 pip trailing stop on the trade and was eventually taken out at 1.3521 for a +40 pip gain on the long trade. The net for the two trades was -14. Here is what the trade looked like:
Better luck next time. Happy Trading!
