I’ve been away from my charts for around 24 hours, so haven’t been able to post an update on this trade.
Since I wasn’t going to be able to monitor the trade closely I left it with a 70 pip automatic takeprofit, which was hit a few hours after the trade opened.
I chose a 70 pip target because the next S&R and trendline were just too far away, and since I needed this trade to be 100% automated it was too risky to set a TP that far down. I chose 70 pips because that was my stoploss, and I never want to exit a trade with less than a 1:1 Risk:Reward ratio (unless I absolutely have to).
To be honest if I was monitoring this trade I probably wouldn’t have gotten out before the reversal (I would have closed it at break-even), so it’s a good thing I wasn’t home!
As you can see we also had a new reversal signal below, but the price never fell so it didn’t turn into a trade.
If you still have a pending order for this trade on your charts you need to remove it, because it’s no longer a valid signal.