so we can choose to enter now or later if it reach 0.93 and stochastic continues to stay in oversold.
This position means a long long period of trading.
Consider that the bank interchange rate is the maximum profittable, so no problem for leave it open:
AUD . 4,25%
CHF . 0.00%
also fibonacci says 0,93 is a good support line, but i didn’t draw for better and clean view.
Another good thins is that the Swiss National Bank decided in semptember to act in order that EUR/CHF stay up of 1.200 rate change.
now EUR/CHF is around 1.2400 so if it go deeper SNB acts to devaluate CHF with impact on all CHF/crosses, like AUD/CHF.
Entry: Now 0,938, if it reachs 0,93 and stochastic oversold buy more.
Stop loss: 0,9240 (lower than previus support line)
Reward-to-risk: 3:1 (variable).
Target: first 0,95, second 0,97 (2 or 3 weeks period)
Thanks for sharing your trade idea.
When you said that the idea above would mean a ‘long long period of trading’, i headed over to my weekly chart, saw it as below.
I agree with you that 0.9300 seems to be a strong S/R zone! (probably coz it’s a Big Round Number)
It seems that after the strong uptrend, price is about to conclude a retracement to this level to test whether it will hold as support. I’m hoping it will find support here, and that it will produce a price action signal (e.g pin-bar ) to decisively show it’s going long (thereby stacking the odds of success in my favour).
the swiss National Bank decided in september that EUR/CHF MUST stay up of 1.200 and now EUR/CHF is around 1.240, so it if it go deeper the SNB come in market and acts for devalue CHF with impact to all chf/crosses.
maybe not monday, maybe not thuesday, but nevermind, i open 0,01 lots and I gain 0,05 € each day: I can wait…
