Technician
Long

(J) Trade 4 : GBPCHF Breaking Higher #forex

FX:GBPCHF   British Pound/Swiss Franc
7955 150 163
Trade summary:
Buy 0.3 at 1.4440, closed at 1.4540. = $320.07
Buy 0.3 at 1.4420, closed at 1.4540 = $384.08
Buy 0.4 at 1.4440, closed at 1.4492 = $223.65
Rollover= 8.4+8.4+14.94
Total Profit= $959.54
Balance= 29,403.16 + 959.54 = 30,362.70
=======================================================================================
Update 6: Closed rest of position at 1.4492.
Update 5: Watching UK CPI             number, If CPI             (Y/Y) < 0.2 I will close the trade immediately at market price.
Update 4: First target reached. I am closing 0.6 of position, moving stop loss to break-even on the remaining 0.4. http://s14.postimg.org/c4gt7ovg1/gbpchf.png.
Update 3: New pending long at 1.4420 was triggered. All position is active(1 lot). Stop loss at 1.4355.
Update 2: I am adding another 0.3 lots to this trade buy limit at 1.4420 , and that makes near 3% risk of balance.
Update 1: Trade is Active
=======================================================================================
Trade 4: Pending Long GBPCHF             @ 1.4440
S.L @ 1.4355
T1 1.4540
T2 1.4670

Rule 6 doesn't apply to this trade. (If 90 percent of first target is reached without triggering entry I cancel the trade) So i wont cancel the trade if first target is reached without triggering entry.
But anyway keep posted for my updates

For 29,400 Balance, and 2% risk per trade=$588, Position size = 0.7 lot ( 0.4+0.3)

==================================================================

Reasoning
  • Breakout above horizontal resistance and 50-days Simple average
  • Falling wedge breakout
  • Pin bar at retest
  • New higher highs and higher lows structure was established
Wish me luck and best of luck for everyone.
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For Trades rules and guidelines follow this link
Journey to 100 Trades: Rules and Guidelines #forex


My best regards
Technician
Subscribe to my trading portal http://thefxchannel.com
Very nice, with trend trade. Easy TP1.
Reply
Technician TOP PriceActionTrading
Hope so mate, been unlucky recently
+1 Reply
ajujohn Technician
TP1 is good... If the price reaches 90% TP1 could we raise the SL to the buying price or little higher - say 10pips higher?
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Not in this trade. Ill update the description.
+2 Reply
kitnik Technician
It's not about luck, just stick to the rules and your analysis, and the luck will not matter ;)
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No_more_Post PriceActionTrading
now not easy.
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pending placed. Thank you technician :)
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This is a good trade... I took GBPCHF yesterday at 1.43950 and the target kept was 1.4600. It went all the way to 1.4540.
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Looks good technician, Keep it up. Thank you & Good Luck :)
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pending placed...
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Rule 6 doesn't apply to this trade. (If 90 percent of first target is reached without triggering entry I cancel the trade) So i wont cancel the trade if first target is reached without triggering entry.
But anyway keep posted for my updates
+1 Reply
Hi Technician,would you please explain why you picked this buying price 1.4440 ?Thanks.
-1 Reply
I think he already did at the description. Simple resistance breakout, buy on retest trade.
+2 Reply
Didn't the price already reached 90% of T1?
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Just wanted to clarify. Haven't we already gotten the retest of the broken resistance by the pin bar mentioned on the chart above?
+1 Reply
Technician TOP moneymaking
Yeah, but that doesnt mean that we will not retest again. Its possible.
+4 Reply
Looks like A good trade as always! Thanks for sharing.
+2 Reply
TahirAli Tijmen_K
Can't wait to enter into this trade but I am still 47 pips away to get filled.
+1 Reply
Going long at a higher price would increase the risk exposure, and ruin the risk to reward.. So We have to be patient.
+7 Reply
Hi Tech,
GM. Thank you for ur 4th Trade. I am following you and made an Entry Order.
I wish every one gets Profits.
Rao.
+1 Reply
For 29,400 Balance, and 2% risk per trade=$588, Position size = 0.7 lot ( 0.4+0.3)
When you lose then you decreasing amounts of money on every-trade and When you win then you increasing amounts of money on every-trade right?

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JorgeEllena No_more_Post
right
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Pending order placed. thanks Tech.
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you see the candles pulling down. i think the entry is coming soon!
+1 Reply
Placed. Thanks.
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Thank you for your support Technician! Each of your trades is a great lecture:)
+1 Reply
Technician TOP KlejdiCuni
wow, thanks
+1 Reply
Great stuff. I'm already in this trade from 1.44228. I have entered for a long till 1.51943.
GBP CHF long till 1.51943
+1 Reply
sudersanrao ImranIshaq
Great. UR analysis is Good. All the Best.
+1 Reply
Hi Tech,
Notifications Area: Is there any Procedure to Remove Old/Seen Notifications,
so that we can Right away Read the New ones.

+1 Reply
Update 1: Trade is Active
+7 Reply
tayokema Technician
I'm with you.
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ashif030 tayokema
me too :-)
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Tijmen_K Technician
Me 2 :)
+1 Reply
DevonMerancio Technician
same here, may the favor be with us
+1 Reply
kmk.msp Technician
me too. best luck
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I am in
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Took UR Bus.
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I think in long term it will look like this https://www.tradingview.com/chart/GBPCHF/
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FXROB FXROB
I think short
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In at 1.4390 as per chart posted last night :)
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Technician TOP FutureMeDead
Yep, great entry mate..
-1 Reply
Nice pin bar last hour. At the 1 hour chart :)
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I am in too. Thanks Technician and good luck to everybody
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Small inverse head and shoulders on the one minute chart.
-3 Reply
Sniper FutureMeDead
Hehe, one minute chart....
+1 Reply
Update 2: I am adding another 0.3 lots to this trade buy limit at 1.4420 , and that makes near 3% risk of balance.
+1 Reply
IvanLabrie PRO Technician
Excellent, looks ripe for a wide stop buy again.
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Tijmen_K Technician
So you are moving the stoploss to 1.442? Or am i wrong?
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No , i bought more at 1.4420. Stop remains in place at 1.4355.
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Technician TOP Technician
Update 3: New pending long at 1.4420 was triggered. All position is active(1 lot). Stop loss at 1.4355.
+1 Reply
FXMONA Technician
buy limit is active.. :)
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No_more_Post Technician
Really , It still look not so good.
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IvanLabrie PRO No_more_Post
If you're patient it might pay off. I'm waiting a bit more in case it drops before rallying. Watching the hourly for an entry.
+3 Reply
" S&P: United Kingdom Outlook Revised To Negative; 'AAA/A-1+' Ratings Affirmed"
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Ok mates, Markets settled for the week. lets catch up on Monday. Have a great weekend.
+3 Reply
moneymaking Technician
Same to you Technician, Enjoy :)
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kmk.msp Technician
Same to you Sir...
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GBPCHF 15MIN BEAR FLAG



What do you think Sir?
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No_more_Post No_more_Post
idea from one of our top Trader.
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Technician TOP No_more_Post
Please if you want to provide an opposite view, provide a trade with stop loss and target, not ARROWS. Arrows does mean nothing for real traders.
+3 Reply
No_more_Post Technician
GBPCHF SHORT



I think He did posted. Sir .. , " not ARROWS. Arrows does mean nothing for real traders" ??
-2 Reply
No_more_Post No_more_Post
The same pair Isn't it?
-1 Reply
Technician TOP No_more_Post
Good, so i am not sure what do you need?
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No_more_Post Technician
Sorry, Sir If i annoyed you, but this is for open idea right?

Ok I am new , but I don't understand why you choose that price level to entry.

Thank you
-2 Reply
Technician TOP No_more_Post
No problem, but i am asking what do you need.
I choose because it could have been a potential support.
Read the chart and description you will find all the information.
+3 Reply
No_more_Post Technician
alright thanks
-2 Reply
Sniper No_more_Post
No offense Cassowartcapital, but after analyzing your posted trade ideas I don't think your in a position to critique other members trade set ups.
+1 Reply
Ok I got it , Sorry.
-1 Reply
Comment removed
Can't agree more.
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DanV MOD TahirAli
Thanks.
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I got it, sorry for everything.
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Technician TOP No_more_Post
No, just feel free to post your different views. Just ask specific questions :) . Good luck
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Technician TOP Technician
Otherwise, it will look like your abusing.
+1 Reply
this is a big 85 pips stop lost ??
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Sniper eu.l.seng
Yes 85 pips
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Sorry, am i wrong that your trade

Trade 4: Pending Long GBPCHF @ 1.4440
S.L @ 1.4355

and that is 85 pips SL ??
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JUST MY VIEW ON THIS DISCUSSION: I will take a long on this pair of currency for tomorrow for following reasons:
1. GBP is strong against most of the major currencies - usd, eur, aud, jpy cad etc...
2. CHF is weak but strong against NZD, AUD and USD but it is not because CHF is stong but the pair currencies are weak...

I will take this pair at 1.43950 as it is a strong support which was tested many a times last trading day...

Also I will keep an eye on the news - not to change my decision but for a better entry point...
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Great stuff Technician!
Another perspective to consider.... potential resistance still above, but if this breaks, a move to your upper target is likely!
Trade 4 - another perspective
+1 Reply
curious as to whether or not you are buying a breakout? how do you place your SL in that case? wait for retest? (did you take it on pinbar?)
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Technician TOP currencykid
It was actually a breakout above 1.4440 previous swing high (resistance), so i bought on a pullback towards that, as clearly described on chart and the description.
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Hi Technician, I'm enjoying following along with your trades, it's a great learning experience. Thanks for doing this. I have a few questions - what leverage are you using? Do you have a spreadsheet that you use to calculate position size for the risk per trade? I'm not very good with risk management and position sizing...

Thanks!
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Sniper zmm20
For 29,400 Balance, and 2% risk per trade=$588, Position size = 0.7 lot ( 0.4+0.3) It's posted in the trade set up ^^^
+3 Reply
I will put my SL to BE.
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No_more_Post No_more_Post
GBPCHF
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No_more_Post No_more_Post
TP touched, with risk 30 Pips

+60 Pips Profit
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Technician TOP No_more_Post
I thought you're a beginner!!
+2 Reply
tayokema Technician
Sir, I'm with you.
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That makes me feel more pressure :). good luck
+2 Reply
tayokema Technician
I like your sentence (losing is part of the game).
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No_more_Post Technician
yup, just start a fund, yes i am beginner, you r right.
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No_more_Post No_more_Post
you can see my profit last week, more than 100pips, ^^
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No_more_Post No_more_Post
Thanks , pro.
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I think we are good in this trade last candle at the 1 hour chart failed hard going downwards ;)
+1 Reply
Nice add on ... shouldn't have gone the early crow :)
+1 Reply
Thanks :)
+1 Reply
Update 4: First target reached. I am closing 0.6 of position, moving stop loss to break-even on the remaining 0.4.
+4 Reply
Congratulations, good call on this trade.
+1 Reply
Technician TOP JasperForex
Thanks my friend
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toninvestor Technician
Great! got 100+ pips gains. Nicely done sir...
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Technician TOP toninvestor
Thanks, hoping for next target now
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No_more_Post Technician
nice ,for first profit this two weeks.
-4 Reply
ajujohn No_more_Post
Pls... don't get into this...
+2 Reply
fasttrader Technician
Great position. Made some nice profit so far. Thanks.
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Technician TOP fasttrader
Yes, thanks , lets see if we get more profit on this..
+1 Reply
Nice-A strong White Candle so far. I close 70% of trade and the rest is on the BE. I had the chance to enter at 1.44.
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Technician TOP HamedAghajani
oh, you got a better entry. Great mate
+1 Reply
thank you technician
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Technician TOP manijeh.kazemi.33
Manijeh thanks
+1 Reply