[TW] 5-25-2012 - AUD/CHF (Long) by digitalgypsy

[digitalgypsy]

Thread Title: [TW] 05-25-2012 - AUD/CHF (Long) by [digitalgypsy]

AUDCHF, 4 Hour

Long or Short: Long (Buy Limit)

Entry Point: .93500

Stop Loss: .93000

Profit Target/s: .95000

Reward-to-risk Ratio: 3:1

Risk percentage: 2%

Indicators used: Trendlines, Tenkan-sen, Kijun-sen (26), Kijun-sen (52)

Trade Rationale: My trade idea is based on technicals with a fundamental bonus! We have broken and closed above the falling trendline. I'm looking for a retest and rejection of that trendline before heading higher. The fundamental bonus is the possibility of SNB intervention :-)

Trade Adjustments: If price happens to retrace further than expected then I will be looking for the next daily support level (.93139) which coincides with Kijun-sen (26) to hold before bouncing higher. My profit taking strategy will be to move my stop +50 pips after a CLOSE above each daily resistance level until profit target is reached.

[FXSniPer1]

I would normally go for 0.9314 for my entry on this set up. My Daily chart suggests a proper retest around that price and I would use the M15 or M30 for my sniper entry. supposed entry falls at M30 50%fib and the round number just below would give it more credibility. anywhere around 0.9289 would be my stop loss point.
Overall, a well argued set up.

Good luck

[digitalgypsy]

I would normally go for 0.9314 for my entry on this set up. My Daily chart suggests a proper retest around that price and I would use the M15 or M30 for my sniper entry. supposed entry falls at M30 50%fib and the round number just below would give it more credibility. anywhere around 0.9289 would be my stop loss point.
Overall, a well argued set up.

Good luck

Hey!! Thanks a lot. I really appreciate you comments you have very valid points. I saw what you were talking about on the daily chart.
Much appreciated!! :-)

[FXSniPer1]

You will definitely have my vote. Hope it works out for you! I personally don't do the pair but agree with your analysis except for the point I already made! Kudos!!

[digitalgypsy]

You will definitely have my vote. Hope it works out for you! I personally don't do the pair but agree with your analysis except for the point I already made! Kudos!!

Thank you I really appreciate it. Have a good week!! Peace

[FXSniPer1]

welcome. I am going with gbpchf long at 1.5000 with at target of 1.5650/1.57 and stop at 1.4937
added to this is a buy limit order at 1.4974 with same objective and stop loss.
The second idea is a sell stop at 1.4937 and stop loss at 1.5057 looking at 1.4754.
I am long already at 1.500
Good luck if you get yours

[digitalgypsy]

welcome. I am going with gbpchf long at 1.5000 with at target of 1.5650/1.57 and stop at 1.4937
added to this is a buy limit order at 1.4974 with same objective and stop loss.
The second idea is a sell stop at 1.4937 and stop loss at 1.5057 looking at 1.4754.
I am long already at 1.500
Good luck if you get yours

Looks like a pretty good setup. It doesnt look like mine will be retracing anytime soon. Good luck to you!!

[wenlong76]

welcome. I am going with gbpchf long at 1.5000 with at target of 1.5650/1.57 and stop at 1.4937
added to this is a buy limit order at 1.4974 with same objective and stop loss.
The second idea is a sell stop at 1.4937 and stop loss at 1.5057 looking at 1.4754.
I am long already at 1.500
Good luck if you get yours

When do you think the market will hit 1.5650/1.57?

[granty123]

it seems to be stuck on some resistance so it might take a while.

[granty123]

it broke pretty much as soon as i typed that. you can thank me later