Word of advice....
do not HOPE in forex
Calculations Get your further than Hope
i don't trade GBP/CHF but...
is this what you are talking about
that 160 pip rise
i've just done a quick mock up chart FYI.
my first question would be
WHY WOULD YOU EVEN BE SELLING AT THE BOTTOM OF THIS
let me explain what i mean.. ok
this is an M30 chart and let's keep it that way but let's zoom out for a second
and i'll remove the lavender rectangle
look at this...
so.. if you know that there was a massive drop in price like that (290 pips approx)
why did you expect it to go lower
now look at what happened after that,
it was basically ranging
i don't trade this instrument and i can see that
so.. if i was looking at before the rally up, i would have said to myself, ... this thing is due for a rally up.
i would have never Sold this, if anything i'd be EXPECTING IT TO GO ON A RALLY
now just in case you have ANY DOUBTS or debates
and you might feel the need to say something like
Martin, but it's not ranging it went up and down hehe
ok.. LET'S ZOOM IN A BIT MORE CLOSER TO THE EVENT OK and prior to it
look at this..
now. PRIOR TO THIS HAPPENING you were past the first yellow Vertical Line.. right ?
and it was going down, and ... ok, i get it, you figured it was moving down,
i guess this comes down to experience
but, IN MY EYES, i would never have entered this short, i'd look at it as suicide
i would have waited for it to go as low as it wants and i would have obtained a low entry TO BUY
CAN YOU SEE that if YOU ENTERED A SELL RIGHT AT THE TOP OF where the first yellow line is
Can you see that if you held that trade, until the top of the second yellow line
CAN YOU SEE HOW PRICE CANCELS OUT
well,that's what the markets do, they work in cycles
hence that red line that joins the two tops
so.. to answer your question
DO I KNOW WHAT HAPPENED
well, i was not watching the calenders for this pair
but i can very simply say as if the rule of thumb like.. the market is like a rubber band
in my opinion this was obvious a hell
the market spiked up suddenly because that initial rally down was a profit exercise to accumulate funds so that they could finance the move up
YOU GOT CAUGHT IN THE ACCUMULATE PROCESS, simple as that
it went back up to consolidate the previous price,
that's why it spiked up.... Simple
Learn to keep an eye out for these cycles, it'll help you... trust me