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.

[caption id="" align="aligncenter" width="580" caption="USD/CHF 1-minute"][USD/CHF 1-minute]USD/CHF 1-minute[/caption]