Andrew's Pitchfork - AUDUSD Long Opened Long

Australian Dollar/U.S. DollarFXCM

Description

⋅ May 12, 2016 2:03 AM

Price dropped a bit lower before the candle closed but the trade is still valid once the pitchforks were adjusted.

Profit targets are the at each fork on the pitchforks and SL is trailed each time a target is reached.

Trade active

⋅ May 12, 2016 2:23 AM

Entry: 0.73348
Profit Target 1: 0.7350
SL: 0.73193
RR: ~1:1

Comment

⋅ May 12, 2016 5:25 AM

Price appears to be respecting the red pitchfork. Moving SL to a few pips below the last low to limit loss overnight.

Comment

⋅ May 12, 2016 6:02 AM

Price tested the initial low and there is a lot of downward pressure. The low must hold for the trade to stay valid.

Trade closed: stop reached

⋅ May 12, 2016 1:55 PM

Price moved lower overnight and reached the new SL and potentially the original SL. A reentry could have been made based on the new candles had I been awake.