Trade closed: target reached:
This trade was placed after an economic report. It's a great example of how we prefer to play data events, which is waiting to place trades after whipsaw action on the initial release of the report. We establish a low or high during the whipsaw action, and then we place a trade into the direction (whether the low or high of the volatility) that we believe price will go, and place the stop below the low or high in the opposite effect. In this case, we saw the pair make both a low and high during the news event, then we bought on a pullback level that made sense in terms of risk to reward. Here we were able to place the stop below the low of the event, and place the target at the high of the event, with a favorable risk to reward ratio.