We may see another attempt in EURCHF to the upside. Despite my expectation for a break higher the pair failed to extend its short-term gains and is rangebound in the 1.2800-1.2970 rectangle. Another bounce from the 1.2800 support is likely so I’m looking to enter long on a higher low on the 15m or 1h timeframe.
Tag Archives: entry
I entered long EURUSD last evening on a pullback below the 1.4488 high. I run a wider stop on this trade trying to improve the profit/loss ratio of my trade performance. Also I start using intraday pivot levels on the 15m tactical timeframe to help me to pinpoint entry/exit levels. Entry was at 1.4466 with inital stop 1.4416 and target 1.4616 for a 50/150 pips risk/reward.
Note: I was trying to find a breakout pullback entry after the break of the interim trendline on the 1h chart (blue line) but failed to catch a fakey setup on the 15m chart.
Despite the recent price action which seems to be rangebound I entered long in EURUSD. The price is testing the short-term bullish trendline with a breakout pullback on the 15m chart. On the 4h chart the price is below the Keltner Channel therefore I will close this long if the level of the 1.4059 short term swing lows get violated.
I entered long in EURCHF on a breakout pullback above the 15m bearish trendline.
My second attempt to jump back on the EURUSD upmove was stopped out at the initial risk level. I was running a tight stop and sure enough fell victim to stop gunning. The entry was at Bar1 on a bullish candle after a pullback and I put the initial stop at 50% of the wide ranging bullish bar on the 1h chart. The stop was hit at Bar2.
I’ve missed this perfect long setup for a breakout pullback entry. I hesitated while I was considering that the pair has given back most of yesterday’s gain. The price broke out and never looked back. I entered long at Bar1 when the move paused and retested its prior long at 0.8725 which in hindsight was a good entry. Nonetheless I closed the long at Bar2 near break even being uncomfortable with the price level. Big mistake. In fact two mistakes in the same trade.