Long or Short: Long setup on the 4-hour chart Entry Point: Market (0.9225) Stop Loss: 0.9180 (below previous resistance, .9200 handle, and Fib and trendline support) Profit Target: PT1: 0.9350 (previous high), second position Risk Ratio: At least 2.77 (for the first position). Could be more if I trail my stop on the second position. Risk involved: 1% of account (2 positions) Indicators: Stochastics (14,3,3)
Rationale: Technical - potential support at
a. .9200 level
b. rising trendline
c. Fibonacci retracement levels
Fundamental
a. We’ve only seen a pullback (instead of a reversal) on the dollar’s rally. Positive reports from the U.S. will soon boost the dollar again.
b. The SNB didn’t raise its floor on EUR/CHF, which caused weakness in the franc yesterday
Trade Adjustments:
If the pair moves in favor of my direction and hits PT1, I will lock in a few profits on my second position and trail my stop by 50 pips. I will close my trade when the U.S. starts printing weak data consecutively, or if market sentiment is clearly against the dollar.
I got in at .9160 and looking to get out at .92111 or higher I don’t bother look at indicators much just think it is due to bounce just my pinion and if it sink lower I will buy more
I have traded this pair 7 times and all were longs positions and took over 100 pips and now I am long again. Know when to get in and know when to get out that is the name of this game. I got in at .9117 and .9092 lat see what happens