RSI and slow Stochastics dipped to significant lows last night. Historically when both dip that low on the 4-hr, retracement runs out .30 or more to the upside. Opened a long position at 15.33, will set a trailing stop/take-profit at 15.45 with a trail of .05. Stop-loss at 15.30 since the reversal historically is sharp with little-to-no retracement.
Comment:
Stopped out at 15.30 during London session, missed my take profit by .02. I think the entry point is still promising, but will set take profit at .10 next time. Rand may still head long, will wait for confirmation on a few indicators before entering again.