Jan 17 – Long EURCHF S1B

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EURCHF – Bullish engulfing candle on 4H chart – currently oversold, about to turn around, price has been holding nicely on the 89MA, price has made a higher low.  Ironically this is the opposite of what I traded yesterday.  On the downside CHF is still neutral (rather than being weak) in terms of the STAM rankings, but it is weakening.

GBPCHF is no longer good because of the very strong GBP news that came out this morning.

USDCHF – the price action does not look as clean as on EURCHF.  And cannot trade it ahead of various USD news this afternoon.

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2 Responses to Jan 17 – Long EURCHF S1B

  1. Monday morning – I closed this position on Friday afternoon, at a small loss. I had three open positions at the time and kind of lost the plot. I did have a good think about the situation over the weekend and have figured out what went wrong. I have incorporated the ‘correct behavior’, i.e. what I should have done, in my visualization exercises. Thus, this trade is now closed. It was trading 1.2340 on Monday morning.

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  2. The ‘correct behavior’ entails looking at each trade individually and managing the stop as it goes into profit, primarily with the use of moving averages. Not much needs to be done whilst the trade is in a losing position. Further, I should be looking at the charts, NOT at the prices being flashed on my broker’s platform.

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