GBPCHF 05 May 2021 Short Trade +3.3R Profits

REASONS FOR TRADE:

Daily chart: 10-day MA was angling down with price retracing up to the resistance zone.

4hr chart: Testing resistance zone with stochastic %K at overbought level.

See GBPCHF daily and 4hr charts below.

GBPCHF Daily and 4hr Charts

ENTRY:

Entered short on 05 May 2021 at 1.27247 when the 1.27132-1.27371 resistance zone was tested with the stochastic %K at overbought level. The initial stop order and take profit were placed at 1.2755 and 1.2635 respectively.

EXIT:

GBPCHF moved down strongly the next day that I decided to lower my take profit order to the next support zone at 1.2615 and placed an order to take partial profit at my initial take profit at 1.2635. Both take profit order were filled at 1.26348 and 1.26148 respectively.

TRADE SUMMARY:

Made +89.9 pips on the 1st exit and +109.9 pips on the 2nd exit against a risk of -30.3 pips. Overall the trade made about a 3.3R profit.

Disclaimer:

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.