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The divergence existed for quite some time in this pair yesterday. I finally shorted at 0.8645. Stop loss was set at 0.8695, and take profit at 0.8595.
Somehow, I allowed myself to hold this position over the weekend. What a risky thing to do. The long position was opened at 0.8550, profit target at 0.8600, and stop loss at 0.8450. As of the Friday close, the price stood at 0.8517. However, on Friday, the price went as low as 0.8480.
Market is about to open soon. We shall see what happens. I still may move the take profit target from 0.8600 to somewhere at break even or near break even.
Currently the trade is in the red. At time of writing, it’s 45 pips against us. I entered the buy order at 0.8550. However, the price continued to move lower, although the divergence still exists. The profit target is at 0.8600 and stop loss is at 0.8450. Depending on how the market is, I will adjust the profit target later since tomorrow is Friday. Most likely, I’ll be moving the take profit target from 0.8600 to the break even point of 0.8550. I’d like to close the position before the weekend.
Looks like a potential buy opportunity is forming here at around 0.8545.
