I took an USD/CHF trade earlier this week, but got stopped out because I was worried about losing my full risk amount. Had I not done that, it would’ve been a great trade. Today, the prices of both currencies appear to be pushing in the same direction again, so I took a look at this chart again.
On this chart, price was clearly pushing up pretty strong, and looked like was about to, or maybe more accurately, just had broken out of some resistance. It was about 10 pips above the top of the resistance level, but running the numbers, I still had a 2:1 R:R available — so while the pattern wasn’t the prettiest and I maybe missed the optimal entry point, things still looked like they were ultimately pushing up and that it would make for a good trade. So, I set an entry order which was pretty quickly filled.
Entry – 0.90410
Exit – 0.90090
After triggering me into the trade, price basically didn’t move for the next several hours. I ended up going to bed that night with price being essentially at my entry point. Maybe slightly above. In the middle of the night, I woke up and checked the charts — I saw that I was down, but price was pushing back up and maybe just had not a lot of volume. I closed the chart and went back to sleep.
When my alarm ultimately went off to wake me up, and I checked this chart, I saw that price continued to push down and stopped me out.
