Paper trade: USD/CHF short @ 1.0296, out @ 1.03013

My long USD/CHF got stopped out just minutes ago.  The support at 1.0300 has broken.  The intermediate and short term trends are both down.  So I have entered a short trade for USD/CHF with 1/2 position to see how it goes.

I initially had set the stop at 1.0340 for this trade.  But the support at 1.0270 looks hard to break on first try.  So I readjusted my target and stop to aim for an exit at 1.0270.  In fact, I’ve placed an order to reverse and go long at 1.027 with a full position.

Entry: 1.0296, just below round number.

Stop: 1.0340, trailing, set at the previous congestion zone.

Target: 1.0270, previous support level.

Reward / Risk = 26 / 19 = 1.4 < 3… this is horrible.  So I just closed my trade at a slight loss at 1.03013 for -$1.56.

USD/CHF 1-minute

Related posts:

1. Paper trade: Short NZD/USD @ 0.7520, out 0.7308 (+212 pips)
2. Paper trade: Short GBP/USD 50% @ 1.634, Out 1.645 (-110 pips)
3. Paper trade: Short NZD/USD 50% @ 0.7381, stop 0.7430
4. Paper trade: Short NZD/USD 100% @ 0.73701, stop 0.7480
5. Paper trade: NZD/USD short stop entry 0.7262, exit trailing stop 0.7300