Wednesday's Action

Finally, we had some good price actions. I managed to setup two long trades this morning simply based on the candlestick breakout, i.e. 9am candle breakout on USD/CHF and 10am candle breakout on USD/JPY. Nothing complicated, see charts below.

My entries and exits:




I liked working on these setups, even though knowing that there are important economic releases at 1.30pm. I am not afraid of trading thru the news. It is always part of my daytrading game plan - finding the good mix between the technicals and fundamentals.

So, we had the news. At first, I had a small drawdown of 22 and 17 from the two positions, and then the reversals occurred. I didn't actually follow my exit rules, but just grabbed enough pips and ran. Here are the results: +42 pips for USD/CHF and +37 pips for USD/JPY.

A positive late start.