My Best Trade Ever!

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OK, so after you read this, you probably won’t be as impressed but this was a very cathartic trade for me.  Until now, I have been missing good signals and it seemed like the signals that I did take were always losers.

This time I followed the setup and it worked out really well.  To date, this is the largest per lot gain that I have made.  That’s not to say that this was such a spectacular trade, there are a couple of areas that I could have improved on, but more on that later.

So the setup for this trade was a Surprise Box on the 1 hour chart.  When I opened my screens, price had broken the bottom of the box and was retracing to hit the bottom of the box.  There was a lot of downside room on the chart, so I decided that was the best place to get in.

Short 1 GBPCHF @ 9717, Stop @ 9752, no initial target.

click on picture to see larger image

I exited the trade because price was getting to the Fib 50% retracement, a key support/resistance level, the big figure at 9400, and a pivot point.  Closed at 9438, for +279 pips.

Even though the market is really volatile, it still seems to be respecting key levels, but are good for scalps, not longer term trades.

A couple things that I could have done better:

• I should have recognized that 9400 level when I got into the trade and placed an exit order there.
• I should have stacked another position on to the trade after price cleared the first consolidation area on the 5 minute chart.

I didn’t take the Squeeze box trades because they didn’t have as much room to run as with this trade.  On to the next one!

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