Closed Early: AUD/CHF Falling Channel Resistance

Just a quick update on my short AUD/CHF play: I also decided to take my profits and run on this one since the channel support seemed to be holding. In case you missed it, check out my initial idea and latest trade update first.

Short AUD/CHF

I hopped in a short position on this one when I spotted a confluence of levels around the .7400 major psychological mark. After waiting for a bit more momentum and confirmation from fundamentals, I got in at .7395 and set my sights on new lows at the channel support.

AUD/CHF 1-hour Forex ChartAUD/CHF 1-hour Forex Chart

AUD/CHF 1-hour Forex Chart

However, the latest swing low around the .7275 level appeared to be keeping losses in check so I decided to adjust my entry just a bit below entry to lock in a few pips in case a big bounce happens. And when the Australian jobs report printed stronger than expected results, AUD/CHF started to turn higher during the Asian session.

Because of that, I just decided to jump ship instead of giving up more of my paper profits. I gotta tell ya, it ain’t easy watching those gains slowly get chomped up!

In my update, I also mentioned that I was considering pressing my advantage on a break lower, but it looks like another huge catalyst might be needed to trigger that. Besides, I can always reopen another position with a sell stop order to catch momentum if it does happen. For now, I’m happy with what I got:

P/L: +95 pips / +0.36%

Got any comdoll setups you’d like to share with me? Don’t forget to check out our risk disclosure!

Cheers,

Happy

See also: Q1 2017 Trading Performance Review