Ichimoku: CHFJPY short short

Another transaction for pondering on, staying with yen but something different pairs up with it this time…

Really fast transaction lasting only 4 days total (should be 3 to be honest). I’ve chosen a few candidates on weekend (AUDNZD, CADJPY, CHFJPY, NZDUSD) but finally played only the CHFJPY. I’ve opened on Monday at 23:28 when the candle for this day almost finished drawing. Gentle uptrend loosing steam, total and bullish ADX both breaking down, bearish ADX moving up and really flat Kumo’s bottom (which likes to “call” the price to itself quite often).

The scenario played out beautifully (including Wednesday) but here is where an error was made: 100 pips in 2 days really is enough especially when it means fierce and fast candles. When the price reaches so close to the Kumo there is no need to reinvent the wheel – just close it “for the night” or set a tight SL safeguarding the majority of profits. Didn’t act this way and even though I was aware of possible “bounce” its force caught me off-guard – had to close on Thursday at 19:12 to protect what was left of the profits. Managed to earn an income but failed at properly supervising the operation – unfortunately greed took over whispering “don’t be a wuss, it’s gonna drop some more!”.

In the aftermath the price moved in the same quick fashion for both the drop and raise afterwards: 2 clean, straight candles. This movement created an awesome swing trade if one were proficient enough – first play at D1 for the downward swing and then close & reverse into Long based on a pretty clean picture of H4.

Overall I’m pleased with taking a profit but I’d like to improve on my winning transaction supervising skills – hopefully I’ll get some more practice soon 😉 History of this trade “in pips”: