I don’t normally trade this pair but noticed this trendline forming on the EUR/CHF pair and traded it all day Friday…
Thought I might share this, could get real interesting as there seems to be a tight downward channel forming hi/low range of 800 pips to drive this puppy right on through the historic 1.4297 resistance point.
To elaborate, here’s my trade idea:
This is a manual trade entry…
For tonite, Tokyo Open, follow price as it rises to indicated trendline. Price could rise above as periodicity of harmonics has been slightly altered on last approach and possible differences in trading from one exchange to the next.
Sell at or above trendline depending on your trading preferences and set first stop at 1.43 second at 750 pips below initial sell point!:eek:
Other important notes:
I will probably set my S/L at 1.438 or just use the default in metatrader, but if you decide to take this trade definitely use a stop loss!
Also, depending on your connection speed and market volatility you might want to set your pip slippage to a greater number to make sure you can still get in once downward movement starts if the drop starts before the price actually reaches the trendline.
All comments appreciated.
My first post, be gentle…
Not to dilute this trade, but while I’m waiting for entry I thought I’d note two other trends I’ve noticed:
GBP/USD appears to be resisting a drop below a trendline that is created from the low of Mar1, Mar10 and a few other points. It is a slight upward trend. I would speculate that if this line is broken, there would be a strong drop from this point.
EUR/USD appears to be trading inside of a tight downward channel, will this continue?..
I have entered the GBP/USD trade at 1.49895 with a stop loss at 1.49997 if it reaches 1.49735 I will put a trailing stoploss of 129 pips which I will adjust as necessary to maximize profit.
I got stopped out of the GBP/USD trade but have re-entered after spinning top formed on 15min chart.
-edit-
Just set 55 pip trailing stop loss at 1.496
GPD/USD
sold @ 1.50041
closed trade on trailing S/L @ 1.49460
581 pips!!!
It appears within the last 30 minutes that while USD/CHF has trended slightly down EUR/CHF is slowly approaching it’s price/time event. This trade should proceed as outlined above and occur within the next hour and a half. This will be my last trade for the night, all chips in, very tight stoploss.
I have gotten impatient and have already purchased two small sell lots at 1.43383 and 1.43362 will sell more if price rises to or above trendline.
This is like watching paint peel. Probably won’t pay off anyway…
My trades stopped out, I will BUY one small lot with close trailing stop.
Ok, NOW I WILL SELL
It appears buyers nor sellers can make up there minds on this one and the seas are too rough for me, time to call it a night. If there’s anyone thats followed this ridiculous thread would care to critique please feel free.
That eur/chf trade seems like a long shot.
I would be leery of selling in at a historic low mark, let alone looking for 750+ pips. (more likely 75 pips if I read you right)
The most probable move on the short term is a bounce back up.
Also, you are looking at decimals to the 5th place.
Keep in mind that a pip is the 4th decimal. The 5th is a pipette, or 1/10 of a pip.
So your 581 pip profit was actually 58 pips.
What are you looking at for entries? Just trend lines, and channels?