My USD/CHF Trade (26-06-2008) --- Position Squared

*Click on the charts (Before, Update1 & After) for the enlarged version.

Hello everyone,

My trade on the USD/CHF on the [26-06-2007]. I initiated a short position on this pair at the price line of 1.0337 at 05:04pm (Singapore Time) | 09:04am (GMT).

What I saw was a simple analysis. Price action analysis. After a huge draw down from the day before, I was definitely looking for a lower high to enter the market. Waiting worth the wait when market started to create a lower high plus it broke my support which is the previous day low. 6ma is still below 23ma. In addition, my Stochs are pointing downwards.

Hence I waited for a better filled price and initiated a short position at the price line of 1.0337. My Stop Loss was at 1.0360 (23pips) and Target Profit at 1.0220 (117pips). Risk : Reward = 23 : 117 = 1 : 5.09.

Basically, after I initiated the trade, I left it alone and proceed to do my work :P Hahaha!!! The next day, [27-06-2008], I shifted my Stop Loss to Protective Stop at the price line of 1.0300 (37pips in the money) when I was around 90pips in the money around 09:55am (Singapore Time) | 01:55am (GMT).

During the same day, my Profit Target was hit at 03:40pm (Singapore Time) | 07:40pm (GMT).

117pips profit for this trade :)

Peace and trade safely everyone...