EURCHF short - 9 December 2016 (But only posted on 4 Jan 2016)
Background:
- Price have been in multiple months consolidation and seems to be breakdown downwards
- Bearish reversal candle off the 50MA resistance spotted on 9 December 2016
Entry:
- Sell stop @ 1.76 (15 pips below the bearish reversal candle low on 9 Dec 2016)
SL:
- Set at 50% fib level of the bearish reversal candle @ 1.87
PT:
- Set at next potential support level after the consolidation period @ 1.0358
- Price have been in multiple months consolidation and seems to be breakdown downwards
- Bearish reversal candle off the 50MA resistance spotted on 9 December 2016
Entry:
- Sell stop @ 1.76 (15 pips below the bearish reversal candle low on 9 Dec 2016)
SL:
- Set at 50% fib level of the bearish reversal candle @ 1.87
PT:
- Set at next potential support level after the consolidation period @ 1.0358
Trade active:
Updates - 4 Jan 2017:
- Due to my long holiday, I have not been posting as my routine suggested.
- As of today, the set up was triggered on the 12 Dec itself
- From there till today, the bulls and bears have been battling hard with bears twice countered the bull at the 50MA resistance on 28 Dec 2016 and 30 Dec 2016 respectively.
- As at point of writing, this trade is 66 pips in profit.
- Will continue to hold on to this trade and respond accordingly if any unfavorable bullish price action at the consolidation support.
Others:
- Still have 3 more active trades not posted. Will continue to update my journal.
- Due to my long holiday, I have not been posting as my routine suggested.
- As of today, the set up was triggered on the 12 Dec itself
- From there till today, the bulls and bears have been battling hard with bears twice countered the bull at the 50MA resistance on 28 Dec 2016 and 30 Dec 2016 respectively.
- As at point of writing, this trade is 66 pips in profit.
- Will continue to hold on to this trade and respond accordingly if any unfavorable bullish price action at the consolidation support.
Others:
- Still have 3 more active trades not posted. Will continue to update my journal.
Trade active:
Updates - 5 Jan 2017:
- Yesterday session started with a minimal gap up, moves upwards but closed within prior session as a shooting star after testing the 20MA support
- Although recent days showed several convincing bearish action, but what concern me is that price seems to be still struggling to piece through the mulit-months consolidation....
- To pay attention of the following days price action at this significant area
- Yesterday session started with a minimal gap up, moves upwards but closed within prior session as a shooting star after testing the 20MA support
- Although recent days showed several convincing bearish action, but what concern me is that price seems to be still struggling to piece through the mulit-months consolidation....
- To pay attention of the following days price action at this significant area
Trade active:
Updates - 6 Jan 2017:
- Another shooting star (or doji perhaps??) off 20MA resistance?!?! Bull and bear war is furious at recent 20MA resistance
- Question now being.... will the bear breakdown the multiple months consolidation??
- Will be keeping an eye on the price action at this significant area.
- Another shooting star (or doji perhaps??) off 20MA resistance?!?! Bull and bear war is furious at recent 20MA resistance
- Question now being.... will the bear breakdown the multiple months consolidation??
- Will be keeping an eye on the price action at this significant area.
Trade active:
Updates - 8 Jan 2017:
- Once again another ding dong session. Price has not shown any significant movement, consolidating at 1.067 - 1.075 region.
- Due to the long consolidation period, and to reduce risk, i will now move my SL to 1.078 (20pips about my entry and previous swing high) and let this trade plays out itself...
- Once again another ding dong session. Price has not shown any significant movement, consolidating at 1.067 - 1.075 region.
- Due to the long consolidation period, and to reduce risk, i will now move my SL to 1.078 (20pips about my entry and previous swing high) and let this trade plays out itself...
Trade active:
Updates - 10 Jan 2017:
- This trade does not look good now, running a risk of bullish reversal with yesterday price now formed a 3 days insider candle formation.
- Next bear defence will be at the 50MA resistance... will it holds?
- After checking news release schedule, neither EUR nor CHF related significant news is due this week.
- With this, probably I will hold on to this trade.... with the 1.078 SL above previous bearish shooting star to safeguard my risk exposure.
- This trade does not look good now, running a risk of bullish reversal with yesterday price now formed a 3 days insider candle formation.
- Next bear defence will be at the 50MA resistance... will it holds?
- After checking news release schedule, neither EUR nor CHF related significant news is due this week.
- With this, probably I will hold on to this trade.... with the 1.078 SL above previous bearish shooting star to safeguard my risk exposure.
Trade active:
Updates - 11 Jan 2017:
- Yesterday session didn't not closed exactly as hoped (I was hoping it closes a bearish shooting star thus completing the fakeout formation).
- Instead, it closed a long tail doji near the 50MA resistance. With this, price is uncertain with 50MA resistance temporary holding on...
- Will it breakout the multi month consolidation and reverse from here?
- Will hold on to this trade and see how price react to the 50MA resistance.
- Yesterday session didn't not closed exactly as hoped (I was hoping it closes a bearish shooting star thus completing the fakeout formation).
- Instead, it closed a long tail doji near the 50MA resistance. With this, price is uncertain with 50MA resistance temporary holding on...
- Will it breakout the multi month consolidation and reverse from here?
- Will hold on to this trade and see how price react to the 50MA resistance.
Trade active:
Updates - 12 Jan 2017:
- Same comment as 11 Jan 2017....
- Same comment as 11 Jan 2017....
Trade active:
Updates - 13 Jan 2017:
- Same comment as 11 Jan 2017...
- One point to note is that the swap interest cost is now half of my unrealized gain due to long holding period..zzzz
- Same comment as 11 Jan 2017...
- One point to note is that the swap interest cost is now half of my unrealized gain due to long holding period..zzzz
Trade active:
Updates - 17 Jan 2017:
- Finally some movement in this pair.
- Yesterday session closed a bearish candle but still hovering below the 50MA resistance.
- Recent stalling price action might come to an end with the upcoming Thursday rate announcement by ECB...
- Similar price action can be seen across all EUR pair (hovering at low) except for EURGBP, EURUSD with significant pullbacks.
- As such, I will be looking at potential trade opportunity across the EUR pairs.
- Back to EURCHF, I will be holding on to the current set up, leaving my SL to protect me....
- Finally some movement in this pair.
- Yesterday session closed a bearish candle but still hovering below the 50MA resistance.
- Recent stalling price action might come to an end with the upcoming Thursday rate announcement by ECB...
- Similar price action can be seen across all EUR pair (hovering at low) except for EURGBP, EURUSD with significant pullbacks.
- As such, I will be looking at potential trade opportunity across the EUR pairs.
- Back to EURCHF, I will be holding on to the current set up, leaving my SL to protect me....
Trade active:
Updates - 19 Jan 2017:
- Not been updating this trade as not much movement to change my view on this trade.
- Yesterday closed a bearish marobozu alike but still within the recent weeks price range since start of the year.
- Atm, I am 50 pips in money but I will still hold on to this trade unless significant bullish price indication at 1.7 round number region.
- Not been updating this trade as not much movement to change my view on this trade.
- Yesterday closed a bearish marobozu alike but still within the recent weeks price range since start of the year.
- Atm, I am 50 pips in money but I will still hold on to this trade unless significant bullish price indication at 1.7 round number region.
Trade active:
Updates - 22 Jan 2017:
- The last trading session closed a bearish shooting star which shows the 50MA resistance do really hold.
- The multidays consolidation proves to be an unsettled fight between bulls and bears.... I would watch this closely and exit the trade if significant bullish price indication at 1.7 round number region.
- The last trading session closed a bearish shooting star which shows the 50MA resistance do really hold.
- The multidays consolidation proves to be an unsettled fight between bulls and bears.... I would watch this closely and exit the trade if significant bullish price indication at 1.7 round number region.
Trade active:
Updates - 24 Jan 2017:
- I think I can break my own record of the longest holding trade for this trade.. lols
- It has been almost 1 month + I have been holding to this trade..... Now daily price action has no significance...
- Moving to big picture..... the price action has now formed a bigger pattern of an asymmetric triangle at this multi-months consolidation, with price being keep below the 50MA resistance.
- I guess I am too deep into this trade... I will just hold on to this to see which side it breaks away..... OR perhaps I should place a buy stop in case it break upwards...
- Thinking..... Thinking........
- I think I can break my own record of the longest holding trade for this trade.. lols
- It has been almost 1 month + I have been holding to this trade..... Now daily price action has no significance...
- Moving to big picture..... the price action has now formed a bigger pattern of an asymmetric triangle at this multi-months consolidation, with price being keep below the 50MA resistance.
- I guess I am too deep into this trade... I will just hold on to this to see which side it breaks away..... OR perhaps I should place a buy stop in case it break upwards...
- Thinking..... Thinking........
Trade active:
- Aiks..... not the consolidation......... Maybe this is hard truth that we should never short near support..... the recent weeks consolidation proves that the multi-months rectangle consolidation support is SUPER STRONG!!!!!
- Currently I am 15pips in pocket (but cancelled off by the swap interest expenses)... I think I will just keep this trade and take a roll of dice with the hope of break out downwards.
P/s - I have a maximum exposure of 20pips SL for this trade @ 1.78
- Currently I am 15pips in pocket (but cancelled off by the swap interest expenses)... I think I will just keep this trade and take a roll of dice with the hope of break out downwards.
P/s - I have a maximum exposure of 20pips SL for this trade @ 1.78
Trade active:
Updates - 27 Jan 2017:
- I just have to update this 1st.....
- Finally after weeks of consolidation, yesterday price action shown a strong bearish marobozu after testing 50MA resistance.
- Hopefully this will be the real deal for this trade.
- I just have to update this 1st.....
- Finally after weeks of consolidation, yesterday price action shown a strong bearish marobozu after testing 50MA resistance.
- Hopefully this will be the real deal for this trade.
Trade active:
Updates - 30 Jan 2017:
- After last week long bearish marobozu, the price has been sticking at the candle low.
- However, if per weekly chart, the weekly candle was a long shooting star after testing the 10MA resistance. This should be convincing enough for me to hold on to the trade.
- In order to limit my open risk, I will now move my SL to my entry point @ 1.076
- After last week long bearish marobozu, the price has been sticking at the candle low.
- However, if per weekly chart, the weekly candle was a long shooting star after testing the 10MA resistance. This should be convincing enough for me to hold on to the trade.
- In order to limit my open risk, I will now move my SL to my entry point @ 1.076
Trade active:
Updates - 1 Feb 2017:
- After breaking the 1.69 horizontal support, price is now pulling back to test 1.69 as a resistance (support turned resistance)
- Hopefully the pullback will meet heavy bear retaliation at the 1.69 resistance and 10/20MA resistance. If such bear signal does present itself at that area, it might be a 2nd entry for this EURCHF short.
- Will look out for the price action at the above mentioned area before making more adjustments.
- After breaking the 1.69 horizontal support, price is now pulling back to test 1.69 as a resistance (support turned resistance)
- Hopefully the pullback will meet heavy bear retaliation at the 1.69 resistance and 10/20MA resistance. If such bear signal does present itself at that area, it might be a 2nd entry for this EURCHF short.
- Will look out for the price action at the above mentioned area before making more adjustments.
Trade active:
Updates - 2 Feb 2017:
- Comment same as yesterday... Price pulling back to retest the support turned resistance area @ 1.69.
- Will look out for the price action at the above mentioned area before making more adjustments.
- Comment same as yesterday... Price pulling back to retest the support turned resistance area @ 1.69.
- Will look out for the price action at the above mentioned area before making more adjustments.
Trade active:
Updates - 3 Feb 2017:
- Yesterday candle closed a small bearish shooting star after testing the resistance @ 1.69
- I will now let this trade play out by itself, with future adjustment to move my SL to lock in profits.
- Yesterday candle closed a small bearish shooting star after testing the resistance @ 1.69
- I will now let this trade play out by itself, with future adjustment to move my SL to lock in profits.
Trade closed manually:
Updates - 10 Feb 2017:
- With yesterday bullish candle and a bullish divergence, i manually close out this short with 88 pips profit. Another factor for early closure is that price has once again bounced off the 2016 low (1.063) for the 2nd consecutive week.
- With yesterday bullish candle and a bullish divergence, i manually close out this short with 88 pips profit. Another factor for early closure is that price has once again bounced off the 2016 low (1.063) for the 2nd consecutive week.