I’ve got the updates on my USD/CHF and EUR/USD forex setups from a few days back! Any tips on how I should handle these positions?
Original Trade Idea: USD/CHF’s Downtrend Retracement
I’ve decided to nix this trade idea when I saw that the pair had failed to hit the retracement levels that I was watching. I did consider jumping in though, when USD/CHF “broke” below the falling trend line. Good thing I didn’t! The breakout turned out to be a fakeout and the pair is now back inside the channel. Should I wait for another opportunity to short? The fundamentals are still kinda valid after all.
Original Trade Idea: EUR/USD’s Major Resistance at 1.1400
Aaand I’m in! As I mentioned in my tweet last week, I entered at market (1.1258) when I saw that there was momentum in the euro’s weakness against the dollar. I put my stop loss 220 pips (a full weekly ATR) away and placed my initial target at 1.0850. Should I add to my position and bump my overall risk to 0.50% now that the pair is slightly nearer to the 1.1400 mark?
Here’s what’s up: Shorted 0.25% of my account at 1.1258 with SL at 1.1478 and initial PT at 1.0850.
I’m thinking of waiting a bit to see if the euro zone’s reports and the ECB’s decision this week would provide support to my trade setup. What do you think?
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.