[TW] 7-18-2011 - USD/CHF Short by monstapips

[B]Daily Chart of USD/CHF
[/B]

[B]Long or Short:[/B] Short

[B]Entry Point:[/B] Short at .8300

[B]Stop loss:[/B] .8400

[B]Profit Target:[/B] .8000

[B]Risk Percentage:[/B] 1.0%

[B]Reward-to-risk Ratio:[/B] 3 to 1

[B]Tools used: Bollinger Bands[/B] (20, SD 2)
RSI (9)

[B]Trade Rationale:[/B]

Once again, another Bollinger band trade. This time, instead of using them to pick a top or bottom, I’m gonna use it to help me get in on the overall trend. The pair looks like it just broke out of a bollinger squeeze, which means that it could continue to “walk the line” down teh charts. However, I’m going to be conservative on this and wait for a pull back to the middle moving average and to retest support at .8300. My stop is 100 pips, aiming for .8000 area

I just think the dollar sucks right now and with everything happening, franc will still come out on top.

[B]Trade Adjustment:[/B]

Will close early if the bottom bollinger band becomes horizontal.

Hi,

Nice idea, I’ve been daytrading this pair since last week and at present I can see a 2x top pattern on the 30min, and hoping for a break below to retest the low at .80800.
Do you expect the pullback to .83000 before the low of .80800 ?

Hello,

I’m new in Forex but I’ve different view on this Swissy pair.

Instead of go short, I already go LONG.

On the USDCHF DAILY CHART, two long scenarios are occurred.

Stochastic already move out from oversold 20 level.

The prices are convergence with the Money Flow Index.

So, my trade as below:

[email protected]
Stop [email protected]
Take [email protected]

See the attachment below:


Am I trade on the wrong direction??

Sorry for the late reply. Looks like I just missed out on this one. it only went to .8275.

looking ahead, i think this will continue to fall. There’s just too many problems with US and franc is a total beast right now.

Franc is just too strong right now. I thouht about going contrarian on this one but now, I’m just waiting for pullbacks to go short.