[TW] 03-19-2012 USD/CHF (long) by pottermoar

[system]

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.

[lupos]

very nice and technical, your chart seems clean, but now the price of USD/CHF is 0.9157 under your stop loss.

What’s your suggestion?

[dk58198]

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

[dudest]

Hi lupos, dk,

I’m afraid i think it may go lower; my opinion here…

[Fx7days]

[B]Long or Short:[/B] Long setup on the 4-hour chart
[B]Entry Point:[/B] Market (0.9225)
[B]Stop Loss:[/B] 0.9180 (below previous resistance, .9200 handle, and Fib and trendline support)
[B]Profit Target:[/B] PT1: 0.9350 (previous high), second position
[B]Risk Ratio:[/B] At least 2.77 (for the first position). Could be more if I trail my stop on the second position.
[B]Risk involved:[/B] 1% of account (2 positions)
[B]Indicators:[/B] Stochastics (14,3,3)

[B]Rationale:[/B]
[I]Technical[/I] - potential support at
a. .9200 level
b. rising trendline
c. Fibonacci retracement levels

[I]Fundamental[/I]
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

[B]Trade Adjustments:[/B]
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.

Im with Dudest my advice to you always follow the Bigger time frame

[dk58198]

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