CHF/HUF targets met

My CHF/HUF long trade has met all 3 profit targets and is now closed for a net RRR of 1: 1.75.

This is a nice example of a falling wedge working out well.

CHF/HUF Update

My CHF/HUF trade has broken out of the falling wedge and made good progress. It didn't quite make the first target but got 75% of the way to it.  In these instances, I move my stop to break even so that I don't endure the pain of seeing a profit turn into a loss if the trade doesn't make further upward progress.   I am therefore in a risk free trade from here on.

CHF/HUF Long Trade

I've gone long the CHF/HUF pair (Swiss Franc/Hungarian Forint).   The set up is on the 4 hour chart and the pattern is a falling wedge.  The stochastic & macd indicator on the daily chart have both just turned up so this supports an entry on a shorter term time frame.      There is also a bullish divergence showing on the 4 hour chart.   My stop will be just below the Fibonacci .786 of the previous swing and I would expect this to offer me some additional protection.   In any event, my stop order and first target limit order are in place in accordance with my money management strategy.