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Not so fast! I might have bagged a lot of pips in my last USD/JPY forex trade, but this USD/CHF wasn’t as lucky. Here’s what happened

Original Forex Trade Idea: USD/CHF’s Rising Channel Bounce

As I mentioned in my original trade idea, I bought the pair on a possible bounce from rising channel support. Fundamentally I was also banking on more dollar strength and maybe some action from the SNB with EUR/CHF so close to 1.2000 at the time.

USD/CHF 1-Hour Forex Chart
USD/CHF 1-Hour Forex Chart

Unfortunately for my trade, the lack of major reports inspired investors to take profits. The Greenback weakened across the board and took USD/CHF with it. The pair eventually hit my stop loss level a couple of hours before the SMAs showed a crossover signaling a possible downtrend. Boo!

One thing I could have done better was to close my position as soon as I saw that there was no catalyst for a further dollar rally. I could have also closed on a small loss when the pair started consolidating just below the channel that I was watching. Overall though, I think this was a valid trade idea and I generally have no regrets.

That’s it for USD/CHF for me this year. Looking forward to telling you about what happened to my USD/JPY trade from last month!



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