Welcome to my trading blog, where I share my trades, including my entry and exit points, stop loss placement, and profit targets. Follow me as I explore trading strategies, analyze market trends and capitalize on price movement.
After going through RSW this morning, CHF looked strong and JPY largely looked weak, so I paired them together to look for opportunities. And when I got to this chart, it had broken out and looked strong.
Entry
On the hourly chart, price had pushed up, but there was a bit of a wick at the top of the candle. I dropped to the 15 min. chart, and saw a decent bullish retest that formed there. I set an entry order at the breakout of the high before the pullback, but I put my stop at the highs of the last up-candle before the pullback — there was a mini key level there that formed on the pullback, and I wanted to give myself a slightly better R:R/more reasonable target. Now we play the waiting game.
Entry – 165.132
Stop – 164.98
Target – 165.5
R:R – 2.4:1
Oh, I should add that I picked my target somewhat arbitrarily at 2R. This pair is at all-time highs, so there wasn’t a level to set my take profit at, so I just doubled my stop-loss. Now that I’m typing this out, I should’ve measured with, say, a FIB retracement or even the length/distance of the pullback or something but I didn’t. Can’t go back now, so we’ll see how it plays out.
Exit
Price made a nice move up, hitting 1R, and I was able to move my stop to break even. Price largely pulled back from there, and eventually hit my stop for a break even trade.
I feel like I’m Moving in the right direction. The pattern was a decent bull-pullback, and while I didn’t have the best exit strategy, I followed the rest of my rules. Historically, my bread-and-butter was swing-trading Forex, and I’m trying to get that consistency back. This trade was another step toward that.
Thanks for reading. Trading is a dynamic field, and your perspective matters. Feel free to share your opinions on this trade in the comments section. Let’s learn from each other!