Technician

(J) Trade 4 : GBPCHF Breaking Higher #forex

Long
FX:GBPCHF   British Pound / Swiss Franc
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....
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
My best regards
Technician
Subscribe to my trading portal http://thefxchannel.com

Comments

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
+14 Reply
Update 1: Trade is Active
+7 Reply
tayokema Technician
I'm with you.
Reply
ashif030 tayokema
me too :-)
Reply
TimBrent Technician
Me 2 :)
+1 Reply
DevonMerancio Technician
same here, may the favor be with us
+1 Reply
kmk.msp Technician
me too. best luck
Reply
I am in
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
JazzForex Technician
Congratulations, good call on this trade.
+1 Reply