(Another) One That Got Away – USD/CHF

Filed under: Learn Forex Trading |

I unfortunately had another trade slip away from me yesterday while I was at the gym; and I would like to talk you through this rather nice trade setup right now.

 

Figure 1.

Figure 1.

Take a look at Figure 1, which is the daily chart for the USD/CHF pair (the pair for the United States dollar and the Swiss franc). There is a level of support/resistance in the middle of this chart, which is quite relevant, and as price had been moving up, it was here that I was looking out for any bullish price action signals.

 

Figure 2.

Figure 2.

If you now look at Figure 2, you will see the 4-hour chart for the same USD/CHF pair. What you can see here is that there was a nice bullish pin bar coming off of our level of support/resistance. Had I been home at the close of this candle, I would have put an order in to go long at a 50% retracement of the pin bar, with a stop loss placed just a few pips below the low of the pin bar, and with a target set of three times the risk. This would have taken us nicely to the previous high, and is a good logical level to place a target.

 

Unfortunately, as mentioned, I was not home at the close of this 4-hour pin bar, and I missed the opportunity for an entry. This is unfortunately because, had I been home, my order would have been filled and the target met within just four hours – for a very nice 3% rise on the bank. This is another one that has slipped through the net – and something that I will need to think about with regards to organisation for next month. Too many of these are being missed at the moment – and it has had a real impact on my profit/loss figures this month.

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