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
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
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)
- Breakout above horizontal resistance and 50-days Simple average
- Falling breakout
- Pin bar at retest
- New higher highs and higher lows structure was established
Don't forget to click the Thumbs Up
For Trades rules and guidelines follow this link
My best regards
Subscribe to my trading portal http://thefxchannel.com
Get your gift : https://thefxchannel.com
Skype: Technician - The forex channel
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...