[Read this trading setup first: AUDNZD]
I decide to open long position on Nov 23rd. Price on AUDNZD has passed through the daily resistance area and then formed a daily engulfing bar which engulf the previous three daily bar. I treat this setup as a breakout and continuation engulfing bar. I’m open one long order at 1.1045, with the stop loss level at the low of the engulfing bar at 1.0904. Unfortunately, the price can’t move above and hit my stop loss level.
OP: buy stop 1.1045, SL: 1.0904, TP: 1.1130
Result: price hit the stop loss level for -141.0 pips
AUDNZD daily chart