I wasn’t going to trade today, but I still wanted to do my analysis just in case. I’ve been bearish on CHF for a while, and it’s on it’s second down-day with a decent amount of room before it reaches the level of support it hasn’t been able to break through. I was cautiously bullish on USD as S&P was down and it had made some moves up, but I wasn’t super convinced. JPY hadn’t really moved at all, at the time, but I’ve been bullish on it for a while and it often follows USD, so I wanted to check that against CHF instead. On the daily it had recently broken down through support and there was a decent amount of space it had to go before reaching the next level of support, and on the hourly chart it’s in a nice low base. I want to enter just below the base with a stop/loss just above it
Entry – This was already pretty strong, bearish, and it continued that way hitting my entry point. I’ll move my stop to break even at 1R and then have it follow the SAR on the 15 min. chart. Hopefully, I make a nice, large amount of pips!
| Entry Order Level | Stop Loss Level | Target Level |
|---|---|---|
| 109.085 | 109.24 | 108.875 |
Exit – 108.913
Price moved in my favor for a while (most of the day) and I continued to follow it using the SAR on the 15 min chart (using the second most recent dot, rather than the most recent one). A little before 3:00, price reversed enough to stop me out for a 17+ pip profit!
