Trade 5: Long USDCHF at Potential Support

24 May 2017

Reasoning:

The price at potential support:

• Long term rising trend line
  
• 78.6 Fibonacci retracement for major bullish wave
  
• 1.618 Fibonacci extension for latest bullish wave
  
• RSI Oversold and showing divergence
  
• Long legged doj candle
  

Trade Levels:
Entry: Buy limit at 0.9705 - T1: 0.9813 - T2: 0.9950 - SL: 0.9640 - Average RR: 2.71

All my trades will have Risk of capital per trade of 2%

Stats before this trade:
Number of trades: 4
Winning Trades : 1 Losing Trades: 2 Still active: 1
Net return: -0.4%

Remember
-Never risk more than 2-3% of your balance on a single trade. And If you are a beginner 1%.
-A Single or few trades result is not important. Whats important is the net return at the end of the month, quarter and year.

Best
Technician

30 May 2017

Not

Moved stop loss to entry level.

31 May 2017

Not

Missed first target by few pips. Trade closed at break-even.