Euro / Swiss FrancShort
My EURCHF short setup - 100 pips profit
How I took this trade
I found this setup while strolling on the EURCHF chart. I saw it was consolidating between 0.97600 (resistance) and 0.97230 (support).
Based on this, I drew a consolidation zone and waited for a fakeout, which happened before the market closed on Friday. It had a little fakeout of around 1-2 candlesticks on the 1H chart.
From this little fakeout, it moved back to the zone, touched it, and then a bearish trend continued, as the fakeout suggested.
When I entered and exited my position
I entered my position when I saw that the bearish trend continued after it retraced to the zone. From there on, I held it till 0.97099, sold 50% of my position, and then sold the other 50% at 0.97074.
Question for the readers: how can I hold this trade longer (see where it went), and where do I take my profit?
Jasper
I found this setup while strolling on the EURCHF chart. I saw it was consolidating between 0.97600 (resistance) and 0.97230 (support).
Based on this, I drew a consolidation zone and waited for a fakeout, which happened before the market closed on Friday. It had a little fakeout of around 1-2 candlesticks on the 1H chart.
From this little fakeout, it moved back to the zone, touched it, and then a bearish trend continued, as the fakeout suggested.
When I entered and exited my position
I entered my position when I saw that the bearish trend continued after it retraced to the zone. From there on, I held it till 0.97099, sold 50% of my position, and then sold the other 50% at 0.97074.
Question for the readers: how can I hold this trade longer (see where it went), and where do I take my profit?
Jasper
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.