Update on today’s USDCHF Short Trade set-up

If you were able to identify the USDCHF Short trade set-up and took the trade, that’s nice. I took the trade, and I’m still in it.
Pls NOTE: I also took a Long trade on the EURUSD, but it didn’t work out.
Actually, the Daily charts analyses – for some time now – have often been telling us that the markets are choppy and indecisive. Hence, for more conservative traders, the analyses are good enough for them to stand aside. Personally, I’ve been reducing the percentage of capital risked per trade – until the Daily charts (and above) start giving signs that markets have started trending.

Using the Hourly chart above, I’ll like to chip-in one or two insights that I hope would assist us in managing our trades. Sincerely, I believe trade-management is one of the most effective ways of ensuring the steady growth of our equity curve.

I entered the trade with a Limit Order placed around the fib 61.8% ret (1.0706) – based on the confluence of overlapping fibs, a pivot, previous swing highs/lows. My initial Stop-Loss was @ 1.0740 (the most recent swing high before I entered the Short trade). As you could observe, price shot through my Limit Order @ fib. 61.8% upward, even some pips beyond the fib. 78.6% ret. before reversing.
Currently, price is yet to move enough in my favor for me to consider taking some profits; however, the new swing high @ 1.0733 has giving me the opportunity to move my Stop-Loss lower by a few pips. It might not be much, but every chance to reduce the potential amount that could be lost in a given trade is a golden opportunity that must not be disregarded.

Pls NOTE the fib 78.6% ret (1.0721) also had a confluence of overlapping fibs etc. supporting it. If you had placed your Limit Order around that level, unlike me, you would currently be having a more pleasurable time with this trade. However, you would have done that with the possibility of missing the trade.