Technician
Long

(J) Trade 4 : GBPCHF Breaking Higher #forex

FX:GBPCHF   British Pound/Swiss Franc
7948 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
Subscribe to my trading portal http://thefxchannel.com
My live trades here https://telegram.me/joinchat/DgsnQ0FzifLqyI2YAoMqqQ
Very nice, with trend trade. Easy TP1.
Reply
Technician TOP PriceActionTrading
a year ago
Hope so mate, been unlucky recently
+1 Reply
ajujohn Technician
a year 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
a year ago
Not in this trade. Ill update the description.
+2 Reply
kitnik Technician
a year 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
a year ago
now not easy.
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FXMONA
a year ago
pending placed. Thank you technician :)
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ajujohn
a year 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
a year ago
Looks good technician, Keep it up. Thank you & Good Luck :)
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ashif030
a year ago
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
TahirAli
a year ago
Hi Technician,would you please explain why you picked this buying price 1.4440 ?Thanks.
-1 Reply
PriceActionTrading TahirAli
a year ago
I think he already did at the description. Simple resistance breakout, buy on retest trade.
+2 Reply
joz3c4
a year ago
Didn't the price already reached 90% of T1?
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moneymaking
a year 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
a year ago
Yeah, but that doesnt mean that we will not retest again. Its possible.
+4 Reply
Tijmen_K
a year ago
Looks like A good trade as always! Thanks for sharing.
+2 Reply
TahirAli Tijmen_K
a year ago
Can't wait to enter into this trade but I am still 47 pips away to get filled.
+1 Reply
Technician TOP TahirAli
a year 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
a year 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
a year 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?

Reply
JorgeEllena PRO No_more_Post
a year ago
right
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LucyW
a year ago
Pending order placed. thanks Tech.
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Tijmen_K
a year ago
you see the candles pulling down. i think the entry is coming soon!
+1 Reply
karatepeadem
a year ago
Placed. Thanks.
Reply
KlejdiCuni
a year ago
Thank you for your support Technician! Each of your trades is a great lecture:)
+1 Reply
Technician TOP KlejdiCuni
a year ago
wow, thanks
+1 Reply
ImranIshaq
a year 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
a year ago
Great. UR analysis is Good. All the Best.
+1 Reply
sudersanrao
a year 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
Update 1: Trade is Active
+7 Reply
tayokema Technician
a year ago
I'm with you.
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ashif030 tayokema
a year ago
me too :-)
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Tijmen_K Technician
a year ago
Me 2 :)
+1 Reply
DevonMerancio Technician
a year ago
same here, may the favor be with us
+1 Reply
kmk.msp Technician
a year ago
me too. best luck
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DouglasHarrison Technician
a year ago
I am in
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sudersanrao
a year ago
Took UR Bus.
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FXROB
a year ago
I think in long term it will look like this https://www.tradingview.com/chart/GBPCHF/
Reply
FXROB FXROB
a year ago
I think short
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FutureMeDead
a year ago
In at 1.4390 as per chart posted last night :)
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Technician TOP FutureMeDead
a year ago
Yep, great entry mate..
-1 Reply
Tijmen_K
a year ago
Nice pin bar last hour. At the 1 hour chart :)
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toninvestor
a year ago
I am in too. Thanks Technician and good luck to everybody
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FutureMeDead
a year ago
Small inverse head and shoulders on the one minute chart.
-3 Reply
Sniper FutureMeDead
a year ago
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 TOP Technician
a year ago
Excellent, looks ripe for a wide stop buy again.
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Tijmen_K Technician
a year ago
So you are moving the stoploss to 1.442? Or am i wrong?
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Technician TOP Tijmen_K
a year ago
No , i bought more at 1.4420. Stop remains in place at 1.4355.
Reply
Technician TOP Technician
a year 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
a year ago
buy limit is active.. :)
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No_more_Post Technician
a year ago
Really , It still look not so good.
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IvanLabrie TOP No_more_Post
a year 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
a year ago
" 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
a year ago
Same to you Technician, Enjoy :)
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kmk.msp Technician
a year ago
Same to you Sir...
Reply
No_more_Post
a year ago
GBPCHF 15MIN BEAR FLAG



What do you think Sir?
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No_more_Post No_more_Post
a year ago
idea from one of our top Trader.
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Technician TOP No_more_Post
a year 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
a year 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
a year ago
The same pair Isn't it?
-1 Reply
Technician TOP No_more_Post
a year ago
Good, so i am not sure what do you need?
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No_more_Post Technician
a year 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
a year 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
a year ago
alright thanks
-2 Reply
Sniper No_more_Post
a year 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
a year ago
Ok I got it , Sorry.
-1 Reply
Comment removed
TahirAli DanV
a year ago
Can't agree more.
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DanV MOD TahirAli
a year ago
Thanks.
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No_more_Post DanV
a year ago
I got it, sorry for everything.
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Technician TOP No_more_Post
a year ago
No, just feel free to post your different views. Just ask specific questions :) . Good luck
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Technician TOP Technician
a year ago
Otherwise, it will look like your abusing.
+1 Reply
eu.l.seng
a year ago
this is a big 85 pips stop lost ??
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Sniper eu.l.seng
a year ago
Yes 85 pips
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eu.l.seng
a year 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
a year 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
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
a year 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
a year 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
a year 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!
Reply
Sniper zmm20
a year 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
a year ago
I will put my SL to BE.
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No_more_Post No_more_Post
a year ago
GBPCHF
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No_more_Post No_more_Post
a year ago
TP touched, with risk 30 Pips

+60 Pips Profit
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Technician TOP No_more_Post
a year ago
I thought you're a beginner!!
+2 Reply
tayokema Technician
a year ago
Sir, I'm with you.
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Technician TOP tayokema
a year ago
That makes me feel more pressure :). good luck
+2 Reply
tayokema Technician
a year ago
I like your sentence (losing is part of the game).
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No_more_Post Technician
a year ago
yup, just start a fund, yes i am beginner, you r right.
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No_more_Post No_more_Post
a year ago
you can see my profit last week, more than 100pips, ^^
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No_more_Post No_more_Post
a year ago
Thanks , pro.
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Tijmen_K
a year ago
I think we are good in this trade last candle at the 1 hour chart failed hard going downwards ;)
+1 Reply
copacker PRO
a year ago
Nice add on ... shouldn't have gone the early crow :)
+1 Reply
Mutahir
a year ago
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
JasperForex MOD Technician
a year ago
Congratulations, good call on this trade.
+1 Reply
Technician TOP JasperForex
a year ago
Thanks my friend
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toninvestor Technician
a year ago
Great! got 100+ pips gains. Nicely done sir...
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Technician TOP toninvestor
a year ago
Thanks, hoping for next target now
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No_more_Post Technician
a year ago
nice ,for first profit this two weeks.
-4 Reply
ajujohn No_more_Post
a year ago
Pls... don't get into this...
+2 Reply
fasttrader Technician
a year ago
Great position. Made some nice profit so far. Thanks.
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Technician TOP fasttrader
a year ago
Yes, thanks , lets see if we get more profit on this..
+1 Reply
HamedAghajani PRO Technician
a year 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
a year ago
oh, you got a better entry. Great mate
+1 Reply
thank you technician
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Technician TOP manijeh.kazemi.33
a year ago
Manijeh thanks
+1 Reply
ajujohn
a year ago
Good Call... Made some profit...
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Technician TOP ajujohn
a year ago
Thanks :)
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Sniper
a year 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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Technician TOP Sniper
a year ago
YES, we have to be patient. So this proves that patience is the key regardless of the outcome.
+3 Reply