Although my main strategy is the ranging strategy, i.e. buy when the price is at the range lows, or sell when the price is at the highs, occasionally this strategy can turn a trade with the potential of 20-50 pips into a an even better gain when the price breaks out of a range. This is off of a 15 minute chart for EUR/USD where I went long on Eur 126.91 in the hopes that it would bounce up from the session low to the 127.40 previous high. I was in this one for about 2 hours and even refused to take a profit of 30 pips when it went in my direction the first time and even saw it go back down to 126.79 (-19 pips against me), but a bit of patience paid off as it pulled up, moved past 127.00 and then sailed past 127.40 to go all the way to 128.24. I set my stop at 115 pips (out of 130), on the chance that it would break past the 128.20 resistance zone (which would be a true breakout on the hourly chart) but it didn't and retreated back below 28.00 once the market took my stop at 128.06. Not bad for 3 hours of work. As always, when I conclude a trade like this, I log out, and take the rest of the day off, lest I be tempted to put my profit on the line while I'm a bit giddy with success. Nice to end the work day at the time I would go for my first coffee break in my previous job. Mmm...coffee.
