USD/CHF SHORT - Descending Wedge Upper Bound Retracement

19 Oca 2017

I have taken out a short trade on this pair, a dog has appeared on the wedge upper trendily resistance on the 4HR chart, and the candle before was a bullish engulfing, could be forming avenging star as bulls have lost their steam. Higher timeframes show a bias to the downside also. I have placed my TP at the 4HR support made by the previous low.

TP @ 0.99992
SL @ 1.00854
R/R @ 6.23

19 Oca 2017

İşlem kapandı: durdurma seviyesi

Fundamentals made the price reach SL.

19 Oca 2017

İşlem kapandı: durdurma seviyesi

Sorry, i forgot to update the idea earlier, the stop was moved to breakeven once the price was decisively under the trend line i moved SL to breakeven. So this was a breakeven trade.

I should have placed my TP closed at the intermediate support level where the price reached as you can see, or at least had it for a first target, would have been a R/R of 3 win. Lesson learnt.