Looking for the Fib pull back on the swissy. Let’s see if we get a fill this week.
Entry 1: 1.1275
Entry 2: 1.1235
Target: 1.14
Stop: 1.1170
Note that this is the 6S June Futures contract, which is the inverse of Forex. You will have to calculate accordingly if you are trading Forex. Long 6S is actually short USDCHF Forex.
Blue Point Trading, William Thompson
Hi,
I just shorted (Thursday) the CADCHF, the GBPCHF and the EURCHF. Shotgun effect. I placed my stop too close on the EURCHF and got kicked out with the weekend spread. Just the kind of error I am systematically taking steps to prevent.
I really enjoy the Blue Point Trading blog. Thank you!
When you have a target, do you usually use a take profit order? I almost never do, but I do tighten my stops. Sometimes there is a breakout beyond the target and, wow, that’s usually great.
Anyway, good weekend.
“do you usually use a take profit order?” Yes like you, I often don’t do this, but stops yes. Seems like as most, one of the biggest sins I tend to do is to take profits too early anyway.
No fill this past week, but will still try to get this fill this coming week.
Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank
106th Ordinary General Meeting of Shareholders of the Swiss National Bank, Berne, 25.04.2014 …
“The global environment continues to present considerable uncertainties for Switzerland. Although it has not been necessary to enforce the minimum exchange rate by means of foreign currency purchases since autumn 2012, the danger has not been averted that the Swiss franc, as a safe haven, will suddenly become subject to further upward pressure. Short-term interest rates are practically zero. For this reason, the minimum exchange rate is the right tool to avoid an undesirable tightening of monetary conditions, and thereby ensure price stability.”
The CHF is already stronger against the USD than it was fall of 2012, but still weaker than against the EUR. So, I guess the CHF can generally be faded against most currencies as long as it is above 1.19900 the EURCHF autumn 2012 level?
Probably not that simple, eh.
Oouff no fill, giving up on the trade.
