Thursday Follow Up

by Liam 13:23 0 comments

I didn't get a chance to write a follow up over the weekend so i'm getting to it now. In my last post I spoke about a long position that i'd taken and that I was hoping for a small reversal so that I could tighten my stop. I'm happy to report that this happened (almost!) perfectly. We got a four box reversal instead of the three box reversal I was looking for. But that's ok, the market was good enough to reverse on no selling pressure (NSP) right into the high of the volume zone.

This all happened over night, by the time I was up the next morning I was in a nice bit of profit and pretty much just watched it for the day and trailed my stop accordingly. From the last low at 3270 there was an upside target of 1.3480 and I also had an old upside target of 3490 from way back on the 9th December. I set my target for here. As we moved up we just missed 3480 with the market topping out at 1.34793. As it was Friday and i'm not a fan of letting things run over the weekend I closed the position at 3455ish as it retraced slightly. Just under 100 pips. All in all i'm happy with how the trade went and it gave me a third profitable week out of four. Something i've not been able to say in a long time.

EUR/USD 1hr PnF