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, IÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢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 \< 3ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â¦ this is horrible. So I just closed my trade at a slight loss at 1.03013 for -\$1.56.
[caption id="" align="aligncenter" width="580" caption="USD/CHF 1-minute"]USD/CHF 1-minute[/caption]