AUD/CHF D1 pingulfing bar

A pingulfing bar printed on the AUD/CHF D1 chart at the top of what looks like a triangle formation. The long-term trend is down and now price is stuck in a range. It looks like price is winding up, so it’s a bit of a risky trade.

The pingulfing bar is large and the level where it formed is very solid. The FTA is close as compared to the risk taken. I won’t take any profit at the FTA, but will move both positions to BE when price reaches that level.

Chart:

AUD/CHF D1

Update 1:

The BE point and then the TP1 were both taken out today. Position 2 is now at BE and on position 1 I took a profit of +0.63%.

AUD/CHF D1

Update 2:

The second position got stopped out around BE. Price retraced up a little before heading back down. Very unlucky here, because I got stopped out by the pip, meaning that the absolute high of the retracement was where I got stopped out.

Total result of this trade was: +0.63% + 0.04% = +0.67%

Chart:

AUD/CHF D1

CADCHF H4 trade

I just spotted another H4 setup. This time on the CADCHF pair.

A bullish pingulfing bar printed at a daily value level (around 0.9217). On the H4 chart it’s also clearly visible how important this level is, as price found resistance here several times in the past few months. It looks like the pingulfing bar is confirming the level now turned into support.

I’m targeting the previous swing high as the ultimate target. My first target will be the first area where I expect some trouble around 0.9254. The second target is 0.9294 and the stoploss goes below the pingulfing candle at 0.9193. I will move my stoploss on the second position to break-even if price reaches the first profit target at 0.9254.

H4 chart (click to enlarge):

D1 chart (click to enlarge):

UPDATE:

Decided to pull the pending orders after re-evaluating the trade. I don’t get too hung up on R:R ratio’s, but in this case I think the first trouble area is a bit too close as compared to the size of the stop-loss. Also the trend of the daily chart is still down (on H4 it’s technically up). Another thing against this trade is the time of day: it is against my own rules to take intraday trades during the Asian session, so this is a no-go.

P.S. USDCHF H4 is showing a similar scenario. In that case it’s a pinbar, but it has the same problem for me: the first trouble area is very close.