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Hello everybody,
My first trade for the week. Pair chosen is the USD/CHF. Why this particular pair? It is because from last week's close, it was unable to clear above 1.1714 and market didn't have any momentum left on the upside. So, for this morning, I had been looking for a sell for this pair.
To be honest, I didn't look at the charts the whole of today because I want to refrain myself from unnecessary trading and on top of that, I had something to attend to. When I came home around 05:00pm (Singapore Time), I saw market had an upward move but it was unable to sustain with the high of 1.1677. It is also unable to break today's Pivot Point level at 1.1657.
At that point of time, I was at the right place at the right time because my MAs are down, Long MACD is down and Stochs was crossing down. I finally, initiate a short position at the price line of 1.1624 at 07:24pm (Singapore Time) after I was convince and sure of everything I see in the charts. Why do I need the extra convincing work? It is because I am deciding whether to or not to break my trading rules. Price is approaching my Weekly Pivot line and today's Pivot Point S1 but the chart pattern of a lower high and price action movements gives me the extra confidence.
My Stop Loss at 1.1654 (30pips) and Target Profit at 1.1510 (114pips). Risk : Reward = 30 : 114 = 1 : 3.8. Why my Target Profit at that price? It is above today's Pivot Point S2 which happens to be a good support in the daily charts. With what I've analyse, I didn't want to push my luck.
Shortly after placing my trade, I went out for dinner with my wife and run a few errands. I came home around 11:20pm (Singapore Time). My trade has been closed with my Target Profit executed at 10:24pm (Singapore Time).
114pips profit for this trade :)
Peace and trade safely everyone...
2 comments:
Hi Ash,
I am one of Clarence student in Jakarta.
I read your live trade pairs(USD/CHF)and you got 114 pips. I was impressed with your trade. You did it in relaxing way. You mentioned about the chart pattern, and price action movement.
I hope you can share this knowledge to me.
Thank you.
Glenn
Hi Pak Glenn,
It is no problem to share knowledge :) Chart pattern is simple. I mentioned a lower high in my posting right? That part of chart pattern. For price action, one of the example is when I mentioned that price is unable to clear above 1.1714. That is part of price action movement :)
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