[TW] 6-10-2011 - USD/CHF (Long) by Pip Devil

USD/CHF, Daily


Long or Short: Long
Entry Point: Market (.8430)
Stop Loss: .8330 (below previous day low)
Profit Target/s: .8550
Reward-to-risk Ratio: 1.2:1, but can be bigger if you put trailing stop after you hit first PT
Risk percentage: 2%
Indicators used: RSI (9)
Trade Rationale:

Okay, here’s my idea in bullet point form…

  • potential reversal or retracement due to strong support at .8320 - .8350
  • overdone CHF
  • recent dollar strength
  • RSI going higher, just out of oversold

I think the CHF rally is way overdone, so I’m hoping to catch the retracement. This is my second time joining this contest, hope you like it!

Trade Adjustments:

Take half position off at profit target and place a trailing stop of 100 of 50 pips on the other half.