Although I regarded this as a STAM setup – it strictly wasn’t! There was no significant retracement. However the momentum looked very good – there was no target to the upside because the pair is at a historic high. Looking at the trend in the lower timeframes it looked a fairly safe bet.
As it turned out, I bought in very near the top and was stopped out within a few hours.
Would I do this trade again? Very likely yes.
Note that the spread on this pair went to 12 pips at the time of the US PPI news.