Entry was set at the H1 bat 80.43, we went 81.38 bid around 6pm London so I didn't quite get set. M5 price action was bearish, so I accepted a slightly worse fill and hit bids around 80.34 roughly 10 minutes before the close of my trading hours (7pm). The worse fill meant a slightly smaller position, but I felt ok chasing price.
We moved to +50 pips with zero draw down before a nerve wracking 30 pip retracement the following day. Thankfully, we continued lower and stops were moved to break even on a break of 79.84 (approx 1R). If I am going to be more aggressive in terms of scaling out, I must reduce risk by trailing my stop. As such, I will leave the whole position on until 1R, them move to break even.
Soon after I covered approximately half the position at +65 pips, securing a 0.8R gain. Now I could relax a little and look for the next targets around 79.30 where there was a bullish bat. Fortunately we did continue lower, and the final positions were covered around the 100 pip mark at 79.33 and 79.22. As the chart below shows, these were good exits on the lows before a 200 pip rally! Finally, some good decisions. A high quality setup well managed.
