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jakewarren
Dec 7, 2016 6:37 PM

GBP/CHF - Fall to 1.25100 Short

BRITISH POUND / SWISS FRANCICE

Description

06/12/2016

Sell @ 1.2739 / SL; Above 1hr 50 EMA & Pivot

- Rejection of 1.28800 resistance
- RSI stating oversold
- High test on Daily
- H&S on 4hr & 1hr
- Trading with overall trend

Target at 1.25100 level which coincides with 0.382 FIB

Update - 07/12/2016

- 1hr PA broken below 200 EMA
- 4hr PA broken below 50 EMA
- Broken upwards trend-line which PA acted as support since 14/11/16

Comments
jakewarren
Target hit.

However, I was a little too early to the trade with this.

After completing self review, the trade entry criteria was valid and I would take this trade again. However, in hindsight, the strong support being provided by the upwards sloping trend line should have been an indication to exit the trade via a profit target.

Outcome: Loss but valuable lesson learnt.
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