[TW] 08-12-2011 USD/CHF (Long) by Pinggwyn

[B]Long or Short:[/B] Long
[B]Entry Point:[/B] .7750
[B]Stop Loss:[/B] .7540 (below the low of Friday’s candle)
[B]Profit Target/s:[/B] .8300 (previous support)
[B]Reward-to-risk Ratio:[/B] 2.75:1
[B]Risk percentage:[/B] 1%
[B]Indicators used:[/B] 14,3,3 Stochastics

[B]Trade Rationale:[/B]
[U]Technical[/U] - morning star pattern, Stochastics left the oversold area, potential profit target at previous support on the daily chart

[U]Fundamental[/U] - retracement, SNB’s determination to weaken franc, initial jobless claims, recent rally of USDJPY and USDCHF

[B]Trade Adjustments:[/B]
I’ll close my trade early if I get triggered and there’s a strong news report to support dollar weakness. If I get ahead by more than 100 pips, I will move stop to break even and think about adding to my position (if the dollar rallies as strongly as it fell last week - which isn’t likely).

I like your trade idea. FYI there are two missed weekly pivots one is at .7954 and the other is at .8190. I think these are almost certain levels for the pair to return to before they continue down.

I like your trade idea; I also think there is a good chance to grab some pips going bullish on the USDCHF, I just feel more confortable considering an exit point along the bearish trendline as marked on my chart:




Good luck and happy trading! :wink:

Looking good! it also gapped up over the weekend! good luck!

not going that well for now right?

Remember how difficult it was to break the 0.7990/.8000 area on the way down in USD/CHF?
That level should be a difficult level to surmount on a sustained basis if the SNB and the Swiss government fail to come up with a credible plan to peg the franc or weaken it in some alternative fashion.
We reached 0.7998 yesterday before stalling, strengthening that area of resistance.
Traders will be closely attuned to any utterances after a Swiss cabinet meeting tomorrow where the franc is said to be the prime focus.
We trade not far from session highs of 0.7950 .

I am happy to announce that the “t/p” just rang. :stuck_out_tongue:

entry point: 0.7800
t/p: 0.8010

Good job Pinggwyn !!

Hopped in on this one also, but I had a smaller R:R. Good job!