Forex Trade Review: 2014-08-08
Well, that didn’t last long! I decided to close out my USD/CHF long, partially on a change in price action, but mostly on what seems to be a shift in sentiment.
Original Trade Idea: Switching GBP/CHF for USD/CHF
As we can see in the forex chart above, USD/CHF pulled back yesterday, just enough to hit my first adjusted entry point, where I entered half of my intended position at .9050. At the same time, it looks like the rising trend might be broken for now as the bulls failed to break above .9100 before falling lower to my entry orders. While this makes for a great argument for early trade invalidation, I feel like market sentiment has shifted towards risk-off across the market given the geopolitical risks and uncertainty with global recovery. I closed my half position at market (.9040), as well as my orders to enter at .9000
Total: -10 pips/ -0.05% loss
So, I did take a small scratch to the account, which was worth to me because this change in market behavior has me a bit out of sync. I feel like I need to step away for the weekend to re-assess and see if current fears are just a blip on the longer-term trends, or something I need to adapt to. I do still have my NZD/CHF long which has also taken a hit with recent sentiment, but still technically valid for now. I’ll decided whether or not to close on Monday after a bit of reading and reflection.
That’s it for now…thanks for checking out my blog and I hope you have a safe and enjoyable weekend!