Good Recovery

by Liam 13:56 0 comments

I'm very pleased with how this week went. More to the point, i'm pleased with how I reacted to last week and the mistakes I made. This week had two trades, both profitable. 1 long on GBP/USD and a short on USD/CHF. I set both orders at the same time as the situations developed on each chart.

Both of the trades were triggered on Tuesday. The GBP/USD trade hit the target that I had set for it on Wednesday and the Swissy trade was a manual close around 3 or 4pm on Friday.

GBP/USD chart first. A triple top buy, simple enough set up in keeping with the current trend. As i'd done all my Swissy analysis first I was also confident that with Swissy going down there was a good probability that Cable would push up seeing as they're inverse.

GBP/USD 1hr PnF

Funnily enough I thought the Swissy set up was a really strong one but it idled along for most of the week doing it's best to break through a really high volume zone that it was resting on top of.

USD/CHF 1hr PnF

USD/CHF 1hr HLC(i)

Zoomed out chart showing where the highest volume zone comes from at the end of January.

USD/CHF 1hr HLC(ii)

Latest high volume zone. The resistance at the 50% of this zone coincides with the resistance at the low of the high volume zone on the PnF chart.

I closed the position for about 18 pips before the final drive down late on Friday evening.

Two positive trades for the week, happy!

Cheers,

Liam