GBP/CHF 4H Update 2

I wanted more from this lovely BEOB than a mere test of the 1.47.

Wanting a runner doesn't come without a cost. You have to be willing to under take the risk of letting the trade do its thing without a lot of defensive actions from your end. Now obviously it appears thus far that a full profit at 1.47 would have turned out to be a master stroke but like I said I saw a lot more potential in this trade to want to hold on (HHR also a major daily HCR level). However I did actually pull off 1/3 of the position at 0 before we went into the Friday close.

This has turned out to be a tester. Still waiting for a close above the HHR to kill the trade. Of course a move down is more preferred. :P

GBP/CHF 4H update

First trouble area hit. No surprise why we have a holdup there. ;)

GBP/CHF 4H trade

Short on GBP/CHF...pretty self explanatory I guess.

GBP/SGD trade update 3

Closed the trade out manually after the 4H close above both PPZs. Turns out the chop we're in is too heavy to hang on to a trade without anything more than plain hope.

Net gain: 0.5R (0.5%)

GBP/CAD trade update 3 (trade complete)

stoppedout on GBP/CAD daily fake out trade.

Moved my stop above the daily/4H PPZ once a 4H bar pulled back to it from the downside and held as resistance.

net gain: 1R (1%)

GBP/SGD trade update 2

We've had a strong close at the FTA...

Stop is in, (slightly above 0.5% risk). The strong close tells me we may be moving to our next trouble area. :)

GBP/CAD trade update 2

The 1.6 held to my delight and we now have a 4H close below the daily HCR level. If all goes well, the daily HCR level should now be acting as resistance if price decides to pull back.

With this logic in mind, the stop is now at -10 pips which is like a1/6th of the original risk (1%)

GBP/SGD trade update

No surprises why price stopped where it did, right?

Its crucial to know your trouble areas. . . at all times! ;)

GBP/SGD 4H trade

What a totally adorable place to have a fake out. :D

In on this one...

GBP/CAD trade update

As expected, the daily HCR is holding price up as it does so on sooo many occasions.

My last line of defense will be the 1.6 BRN. Stop is set at 1.600 + 6 pips + spread.

GBP/CAD trade

Nice pin bar off the 1.6 big roung number.

A good looking fake out as well. I would have dearly liked a stronger bearish close on it as its now sitting on top of a major HCR level. Watching for signs of a break through and so far so good.

Gu 4H trade update

Closed the trade when price closed above the high of the fake out bar.

In all honesty it was a good setup. Price went our way and then quickly pulled back to our entry point (at the HHR) as it so often does. After 5 consecutive unsuccessful attempts at trying to close above it finally was able to do it on the 5th push.

Some may argue I may have pulled my stop at least to a BE after that first red bar in my direction but I was committed to seeing price hit at least 1.6. As it is this method is not one where you'll go very far following a strategy where you want to quickly pull all the risk of the table. Some of these can be 'real testers' and that's where you have to be strong mentally.

g.

Took a short off of a GU 4H fake out setup based on a decent (very deep) swing point.


likely trouble areas are highlighted.

g.