The UK session didn’t offer any acceptable reward to risk ratio setups overnight. When this happens, it’s best not to trade and come back tomorrow.
Once the Spanish bond auction news result was released and the EUR started to move up, the stop loss would have been approximately 26 pips and Target 2 was approximately 50 pips away. Our minimum is 3:1 meaning we needed Target 2 to be 78 pips away from our entry. We also don’t like stops that large. When this happens, it is best to look at other pairs and when they don’t offer better trade setups, we walk away.