USDCHF - Bullish Piercing signal at long term support
A bullish piercing signal (bullish version of a dark cloud cover) appeared at long term support and lower channel on 19-Aug. Entered a long position with TP1 set around halfway and TP2 set at the top of teh channel.
Momentum has been fairly lacklustre and I now see that this is probably a corrective move and a further downwards impulse move may be coming. Price is slowing as it approaches the daily 21EMA and 50% retracement levels, which seems a likely area to take profits and look for signals to go short.
Momentum has been fairly lacklustre and I now see that this is probably a corrective move and a further downwards impulse move may be coming. Price is slowing as it approaches the daily 21EMA and 50% retracement levels, which seems a likely area to take profits and look for signals to go short.
Bình luận:
I want to close this position, but instead of closing now while it still seems to have a little more life in it, I've moved my SL up to the low of the previous 1d bar (0.9640) trailing in 10 point increments to catch any further up movement, especially as the Fed chairman is due to speak today which could possibly cause some USD volatility, at which point I'll probably get stopped out (for a higher price than now) and can look for a possible reversal.
Giao dịch được đóng thủ công:
Price hit my SL and closed me out for a few extra pounds.
However, I was wrong about the reversal and what actually happened was that price broke out violently, forst to the downside, but then rebounded much, much higher. I would have been quids in had I left this trade alone. Never mind. It was interesting and education to watch a breakout unfold.
However, I was wrong about the reversal and what actually happened was that price broke out violently, forst to the downside, but then rebounded much, much higher. I would have been quids in had I left this trade alone. Never mind. It was interesting and education to watch a breakout unfold.
Bình luận:
However, when I saw price shoot off lower, I took a short trade. Went great for 10 minutes but then much have hit some pending orders and flew up, stopping me out and giving my small profit back to the market. Oh well!
Lesson: Don't chase trades.
Lesson: Don't chase trades.
