Multiple trades on USDCHF using pivots and candlesticks

Today’s post displays a multiple trade on the USDCHF this week. As well as a nice trade on the EURUSD. First the USDCHF.
In the first screen capture, we see a shooting star at the top of a previous climb. Normally these are a no-brainer but, as it’s early in the week, our pivots aren’t yet accurately displaying support and resistance. We wait for confirmation of the fall/reversal. A series of spinning tops and other candlesticks indicating lack of clear direction tells us to hold our position. Another shooting star, and a subsequent bearish candlestick prompts our entry. Our trade is not as dramatic as we hoped and our TSL is triggered, but still giving us a nice profit.
The following day another shooting star appears. This one much stronger, and now our pivot points are giving us a little more help. A brief touch of a resistance line coupled with such a strong shooting star prompts me to enter a ‘sell’ order. The trade falls to the pivot and we exit as there is no clear break through.

Watching the pair retrace the fall upwards, we notice another reversal at the resistance (yellow line) – essentially another shooting star - and enter another sell order.

This time the fall is much more dramatic (52 pips) after a falter at the main pivot, our trade crashes through and heads down towards the next point of support – Blue line. Carrying on going, it finally starts to retrace at the yellow support – prompting us to close out.

This series of trades shows us the impoertance of following the currency pairs closely. After a while one can get a 'feel' for the action going on beneath the chart activity.

In another trade this week on the EURUSD we see a clear resistance after a sustained climb at our pivot point.

After a few heartstopping moments we see the trade dramatically fall in our favour.

This time instead of using my usual 15Pip TSL, I opt for a heavier margin of 25Pips TSL. This is eventually triggered - but not before we have bagged a nice bunch of pips.
With practice and daily chart analysis, this really can become second nature.
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