Thursday, February 12, 2015

Closed - Long USDSGD (opened 9 Feb 2015)

I just closed my long on the USDSGD. Price broke upwards a few days after my entry, but today I saw a significant retracement that is heading straight back towards support. Rather than wait for price to fall back to support and reduce my profit to $0, I decided to take profit and see how price reacts at support. My profit was about 0.4R, which is small.

I was aiming for a reward of 1.2R. This was based on my projection of the next S/R level (if price is making new highs or lows and you're unsure where the S/R level will be, it'll usually be the same distance as the last S/R level). 

(click to enlarge)

My plan is to see how price reacts at support. If I see a favourable reaction, I may go long again.

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