Dodged a big bullet on this one!
Last week USD/CHF was lollygagging around my entry levels when Uncle Sam printed a better-than-expected durable goods orders report. As a result, the pair popped up and retested the .8860 area. Since price was already 30 pips above my entry and is the same distance as my stop loss, I decided to move my stop loss to break even.
It was a good thing that I did! USD/CHF erased all of its report candle gains in the next hour and even ended the day lower than where it started the U.S. trading session.
I’m left with a break-even trade and 0.00% gain on my account, but hey, at least I avoided a potential 0.25% loss! Hopefully I can spot another good setup this week.