Technician
Long

(J) Trade 4 : GBPCHF Breaking Higher #forex

FX:GBPCHF   British Pound/Swiss Franc
7954 150 162
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.
Don't forget to click the Thumbs Up

For Trades rules and guidelines follow this link
Journey to 100 Trades: Rules and Guidelines #forex


My best regards
Technician
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Very nice, with trend trade. Easy TP1.
Reply
Technician TOP PriceActionTrading
2 years ago
Hope so mate, been unlucky recently
+1 Reply
ajujohn Technician
2 years ago
TP1 is good... If the price reaches 90% TP1 could we raise the SL to the buying price or little higher - say 10pips higher?
Reply
Technician TOP ajujohn
2 years ago
Not in this trade. Ill update the description.
+2 Reply
kitnik Technician
2 years ago
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
2 years ago
now not easy.
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FXMONA
2 years ago
pending placed. Thank you technician :)
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ajujohn
2 years ago
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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moneymaking
2 years ago
Looks good technician, Keep it up. Thank you & Good Luck :)
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ashif030
2 years ago
pending placed...
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Technician TOP
2 years ago
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
TahirAli
2 years ago
Hi Technician,would you please explain why you picked this buying price 1.4440 ?Thanks.
-1 Reply
PriceActionTrading TahirAli
2 years ago
I think he already did at the description. Simple resistance breakout, buy on retest trade.
+2 Reply
joz3c4
2 years ago
Didn't the price already reached 90% of T1?
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moneymaking
2 years ago
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
2 years ago
Yeah, but that doesnt mean that we will not retest again. Its possible.
+4 Reply
Tijmen_K
2 years ago
Looks like A good trade as always! Thanks for sharing.
+2 Reply
TahirAli Tijmen_K
2 years ago
Can't wait to enter into this trade but I am still 47 pips away to get filled.
+1 Reply
Technician TOP TahirAli
2 years ago
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
sudersanrao
2 years ago
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
No_more_Post
2 years ago
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
2 years ago
right
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LucyW
2 years ago
Pending order placed. thanks Tech.
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Tijmen_K
2 years ago
you see the candles pulling down. i think the entry is coming soon!
+1 Reply
karatepeadem
2 years ago
Placed. Thanks.
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KlejdiCuni
2 years ago
Thank you for your support Technician! Each of your trades is a great lecture:)
+1 Reply
Technician TOP KlejdiCuni
2 years ago
wow, thanks
+1 Reply
ImranIshaq
2 years ago
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
2 years ago
Great. UR analysis is Good. All the Best.
+1 Reply
sudersanrao
2 years ago
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
Technician TOP
2 years ago
Update 1: Trade is Active
+7 Reply
tayokema Technician
2 years ago
I'm with you.
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ashif030 tayokema
2 years ago
me too :-)
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Tijmen_K Technician
2 years ago
Me 2 :)
+1 Reply
DevonMerancio Technician
2 years ago
same here, may the favor be with us
+1 Reply
kmk.msp Technician
2 years ago
me too. best luck
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DouglasHarrison Technician
2 years ago
I am in
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sudersanrao
2 years ago
Took UR Bus.
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FXROB
2 years ago
I think in long term it will look like this https://www.tradingview.com/chart/GBPCHF/
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FXROB FXROB
2 years ago
I think short
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FutureMeDead
2 years ago
In at 1.4390 as per chart posted last night :)
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Technician TOP FutureMeDead
2 years ago
Yep, great entry mate..
-1 Reply
Tijmen_K
2 years ago
Nice pin bar last hour. At the 1 hour chart :)
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toninvestor
2 years ago
I am in too. Thanks Technician and good luck to everybody
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FutureMeDead
2 years ago
Small inverse head and shoulders on the one minute chart.
-3 Reply
Sniper FutureMeDead
2 years ago
Hehe, one minute chart....
+1 Reply
Technician TOP
2 years ago
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
2 years ago
Excellent, looks ripe for a wide stop buy again.
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Tijmen_K Technician
2 years ago
So you are moving the stoploss to 1.442? Or am i wrong?
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Technician TOP Tijmen_K
2 years ago
No , i bought more at 1.4420. Stop remains in place at 1.4355.
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Technician TOP Technician
2 years ago
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
2 years ago
buy limit is active.. :)
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No_more_Post Technician
2 years ago
Really , It still look not so good.
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IvanLabrie PRO No_more_Post
2 years ago
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
Forexer11
2 years ago
" S&P: United Kingdom Outlook Revised To Negative; 'AAA/A-1+' Ratings Affirmed"
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Technician TOP
2 years ago
Ok mates, Markets settled for the week. lets catch up on Monday. Have a great weekend.
+3 Reply
moneymaking Technician
2 years ago
Same to you Technician, Enjoy :)
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kmk.msp Technician
2 years ago
Same to you Sir...
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No_more_Post
2 years ago
GBPCHF 15MIN BEAR FLAG



What do you think Sir?
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No_more_Post No_more_Post
2 years ago
idea from one of our top Trader.
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Technician TOP No_more_Post
2 years ago
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
2 years ago
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
2 years ago
The same pair Isn't it?
-1 Reply
Technician TOP No_more_Post
2 years ago
Good, so i am not sure what do you need?
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No_more_Post Technician
2 years ago
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
2 years ago
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
2 years ago
alright thanks
-2 Reply
Sniper No_more_Post
2 years ago
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
No_more_Post Sniper
2 years ago
Ok I got it , Sorry.
-1 Reply
Comment removed
TahirAli DanV
2 years ago
Can't agree more.
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DanV MOD TahirAli
2 years ago
Thanks.
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No_more_Post DanV
2 years ago
I got it, sorry for everything.
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Technician TOP No_more_Post
2 years ago
No, just feel free to post your different views. Just ask specific questions :) . Good luck
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Technician TOP Technician
2 years ago
Otherwise, it will look like your abusing.
+1 Reply
eu.l.seng
2 years ago
this is a big 85 pips stop lost ??
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Sniper eu.l.seng
2 years ago
Yes 85 pips
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eu.l.seng
2 years ago
Sorry, am i wrong that your trade

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

and that is 85 pips SL ??
Reply
ajujohn
2 years ago
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...
Reply
MATASII.com PRO
2 years ago
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
currencykid
2 years ago
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
2 years ago
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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zmm20
2 years ago
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
2 years ago
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
No_more_Post
2 years ago
I will put my SL to BE.
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No_more_Post No_more_Post
2 years ago
GBPCHF
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No_more_Post No_more_Post
2 years ago
TP touched, with risk 30 Pips

+60 Pips Profit
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Technician TOP No_more_Post
2 years ago
I thought you're a beginner!!
+2 Reply
tayokema Technician
2 years ago
Sir, I'm with you.
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Technician TOP tayokema
2 years ago
That makes me feel more pressure :). good luck
+2 Reply
tayokema Technician
2 years ago
I like your sentence (losing is part of the game).
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No_more_Post Technician
2 years ago
yup, just start a fund, yes i am beginner, you r right.
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No_more_Post No_more_Post
2 years ago
you can see my profit last week, more than 100pips, ^^
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No_more_Post No_more_Post
2 years ago
Thanks , pro.
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Tijmen_K
2 years ago
I think we are good in this trade last candle at the 1 hour chart failed hard going downwards ;)
+1 Reply
copacker PRO
2 years ago
Nice add on ... shouldn't have gone the early crow :)
+1 Reply
Mutahir
2 years ago
Thanks :)
+1 Reply
Technician TOP
2 years ago
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
JasperForex PRO Technician
2 years ago
Congratulations, good call on this trade.
+1 Reply
Technician TOP JasperForex
2 years ago
Thanks my friend
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toninvestor Technician
2 years ago
Great! got 100+ pips gains. Nicely done sir...
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Technician TOP toninvestor
2 years ago
Thanks, hoping for next target now
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No_more_Post Technician
2 years ago
nice ,for first profit this two weeks.
-4 Reply
ajujohn No_more_Post
2 years ago
Pls... don't get into this...
+2 Reply
fasttrader Technician
2 years ago
Great position. Made some nice profit so far. Thanks.
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Technician TOP fasttrader
2 years ago
Yes, thanks , lets see if we get more profit on this..
+1 Reply
HamedAghajani PRO Technician
2 years ago
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
2 years ago
oh, you got a better entry. Great mate
+1 Reply
thank you technician
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Technician TOP manijeh.kazemi.33
2 years ago
Manijeh thanks
+1 Reply
ajujohn
2 years ago
Good Call... Made some profit...
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Technician TOP ajujohn
2 years ago
Thanks :)
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Sniper
2 years ago
Nice trade mate, must admit i was sweating it out for a bit, but just goes to prove that you must plan your trade and then trade your plan....
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