Success!
'Continue reading' to see what happened
Entered long on AUDCAD on a retrace of the bullish outside bar/candle (BUOB) of Tuesday, September 14.
But I did not enter on Wednesday, rather I entered on Thursday after price action tested and rejected both the 0.96 “big round number” and the bullish trend line.
Snapped the thumbnail on right the next day (Friday).
Set stop loss originally ten pips below the BUOB. And moved it up as the trade progressed.
Set a modest first profit target for half my position based on a 61.8 Fibonacci enhancement level, which was taken out on Friday.
Let the rest of my position run. See the full graph below to see what happened!
Throughout the trade, whenever I could spare a minute or two, I let price action on shorter timeframes guide me. As a result I moved the stop up a few times during the course of the trade as likely support/resistance levels (and nice round numbers) were exceeded and retested.
Similarly I let price action suggest to me a likely ceiling on the move and thus set a second target price earlier today (Tuesday, September 21) at a level (0.9752) that I felt would be retested. This was taken out while I was out enjoying a luncheon meeting.
So I’m definitely pleased with this trade. Price action, patience, confluence, and intra-trade management all came together nicely for a decent virtual profit: Half the position yielded 47 pips in profit; the other half yielded 135 pips.
An average of 91 pips.
Not too shabby for a newbie. And it helps the scoreboard!
Disclaimer: Nothing in this post or anywhere on this website should be construed as “advice” in any legal sense of the word. (I am not “qualified”!) You make your own decisions.
A successful AUDCAD long trade, both in execution and in result. Gotta be happy with that!
