Dynamic Trader Forex Blog FXCPS.co.uk: Swiss Roll CHF

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = USDCHF : Day chart below.

Hi guys, what a day yesterday ! I checked my trades in the morning and had a conference call with Javid, I then left for some important meetings regards some business I am involved in and never got to check my charts till 8pm. My emotions completely took over when for some unknown reason all my 17 positions had been closed.

After regaining my usual calmness over things, it emerged there had been a "bad tick" in the FXCM system and 0,000 of accounts had been effected. All trades were restored to their original positions and a gain recorded on what looked like a disaster.

This morning the market continues to hand out more pips and again I want to share with you one of the other trades I currently hold, the USDCHF can be seen below on the DAY chart. With trend trading it is a little like being on an ocean liner and not a speedboat. Things turn gradualy and you will get there eventually, however their fuel will last longer in the long run. Since this trade triggered it has yet to return to its upward direction.

You will notice that the downtrend met support at the major number 1.0000, before moving up and breaking through the VI. Was this a false BOB ? Price pulled back and has since recorded higher highs. Using our tools from the trading room, ESLT has provided a couple of entry options. We still have stregth in the move as indicated by the stochastics false reading bar. One point to remember and watch is we are currently around a fib breather level and price could retreat back to the RN or continue higher.

Have I entered premeturly ?

Please do your own analysis before entering a trade.

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Trade with Passion

John Maher
Forex Analyst