Wow. A good start to the second quarter. As you will know from the previous post, this traded opened when the 1400 EDT hour bar on Wednesday closed below the support line. I was short this pair at 1.2595 (actually, 1.25953 - my broker offers 1/10 pips). After a little fake move back up to, what was now, the resistance line, the pair fell pretty well. We came very close to getting stopped out on the 0500 EDT bar (within .3 pips) but dodged that bullet and stayed in the trade. Things fell pretty well, finally stopping out at 1.2395 for a +200 pip gain. The chart looked like this:
The pair could still go down to the profit target line, so if you are still in the trade, you might want to hold it for a bit longer. I'm going to look for the next set up and be very happy with this trade.Happy Trading!
