This trade worked out like I'd planned, just not as soon as I'd planned. Still, I'll take 58 pips any day of the week. This trade opened at the end of the 1200 EDT hour bar on May 4 (yesterday), at 99.00. The trade went down for a bit and looked like it was going to do quite well, then retraced and actually went back up inside the channel for a few hours early this morning. It started moving sideways, up a few pips and then down a few pips until about 3 hours ago. The pair started falling during the 1900 EDT bar and kept on going until it touched the base line, and hitting my limit order. This trade didn't make as much as I'd hoped due to the steepness of the base line, but hey, there are some things we cannot control. Our job is to react to the price and follow where it takes us, not to try to make it do our bidding. So we took 58 pips instead of 88. Its still a win!Happy Trading!
UPDATE- If you are still in this trade, the pair has fallen through support and has moved down an additional 40 pips. I might put a trailing stop of maybe 20 pips and see where it goes (were I still in the trade, that is).
