The anticipated take profit zone has struggled to reach its targeted forecast. live trades were close out for around 40 pips in total.
I will explain with a bit of a run down on how I approached this trade.
After the break out of the rectangle I entered long at .75023 1139am see chart below. Price did move up as expected but looked very lack luster. With USD core CPI data due to be released later that night I closed the trade out @ .75089 making 6.6 pips.
The data came out in the green but the Aussie failed to sell off. A long position was opened again at a lower price @ .74943. Price then dropped though the night but the trade set up was still valid, stop loss kept below the bottom of the rectangle.
At open today price gapped down but the Aussie was bought up quite quickly. I ended up closing the trade out at resistance @ .75381 giving me 43 pips. It was just shy of the bottom the target range.
The reason for the close was price was driving up on very low volume. This can be a worry if sellers decide to start coming in. From here price may or may not have further up side so when in doubt and in profit we take it 🙂 . In total 49.6 pips were taken which is what the result intended to be. However since between the time of writing this post price has reach the target. The height of the rectangle is around 50 pips and current price is around 50 pips above the break of the rectangle.