I am not saying trades taken based on a weekly chart where larger moves are expected should be managed on a lower time frame chart.
However, levels from larger time frames can provide good areas to get in for a shorter term bounce.
Along with many financial assets this pair moved higher after the FED decision. There is a breakeven stop loss in place. Also, an aggressive Take Profit order we can adjust if the strength persists and we aren’t stopped out.
Same pair as previous trade – U.S. Dollar / Swiss Franc
It looked like price could continue to grind higher. Entered a long trade and a 20 PIP Take Profit order.
Ended up getting filled, taking about a day.
We do need to note how far price moved against the position before it was closed. That was about 37 PIPS. This means that if a stop loss was placed just under the low of the doji, a loss would have occurred.
Trade Closed
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