USDCHF 20091028

Its about time for me to start a more disciplined approach to trading. And the only way I can think of is to start a blog to keep track of my trades and how well I performed each trade individually and look back at my mistakes if there were any, where i did well and where I can work on better for my next trade.

So here is how this works. I see this as a good entry point based on my charts consisting of basic moving averages, strong uptrend line for 1 hour charts and support reconfirming itself twice at 10245. I decided to long this pair at 1.0253 with an initial target price at 1.03. My stop loss is somewhere below the 50% retracement at 25. SL is pretty tight at 28 pips and TP is about 50 pips away at 1.0295. near to the 68% retracement of the major downtrend for the daily charts. As it has already broken out of the daily downtrend. I am pretty sure this reversal is a longer uptrend move at least for the intermediate term. It is worth a try as there is minimum loss and pretty much a higher move behind this pattern, especially after testing 1.0247 3 times in 3 diff candles for the 4h chart

Might look to play it thru to the 100% retracement lvl if the pattern is right eventually. for now this is what it looks like


Well the end result didn't go the way I want. markets turn, USD rally came to an end. Prudent management cut the loss to a bare 29 pips. Still cannot believe after retesting the support 4 times it still broke. Well, I cannot control the market. I can control My own profit and loss