Rebounded Off from Resistance Turned Support Zone, Retracement channel completed, Long USDCHF, 1st December 2016

USDCHF D1, Price Rebounding off From Resistance Turned Support Zone

USDCHF.M15 20161201.png
USDCHF M15, Retracement Channel Completed @ FR786%

Technical Analysis and Market Sentiment:
Trading Plan:
Long with full risk. Stop loss placed at  30 pips below FR88.6%    .
Trade was executed within market hours and  6 hrs before the next major news release.
Take Profit 1: 1.0189
Take Profit 2: 1.0242
Take Profit Final: 1.0298
Initial follow-up plan: If price close below the rising trendline, exit 1/2 position. If price reaches the immediate resistance level, shift stop loss to retracement channel swing low.
USDCHF H1, Trading Plan

[01/12 19:46]
Exit 1/2 position, cut loss.

[02/12 09:10] Hit stop loss.

Trading Result: Loss  2.26  %

Good decision made to cut loss accordingly to the plan whereby the price break and closed below the rising trendline.

The losses was eventually inevitable and it was the correct practice to leave the trade running when it is only 10 pips or lesser away from stop loss.

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