[TW] 03-19-2012 - USD/CHF (SHORT) by dudest

Trading Discussion
#1

USD/CHF, Daily

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Long or Short: Short
Entry Point: 0.9220
Stop Loss: 0.9340
Profit Target/s: TP1: 0.91154, TP2: 0.89342
Reward-to-risk Ratio: TP1: 0.875:1, TP2: 2.38:1
Risk percentage: 2 positions equaling 2% of trading a/c
Indicators used: None. Using support/resistance and a price-action setup (2-bar reversal)
Trade Rationale: A large 2-bar reversal (bearish) has formed at a major resistance level.
Trade Adjustments: When TP1 is hit, move the other position to break-even, and let the trade run to TP2 or stop you out at break-even should a reversal occur.

#2

Update:

-> By end of trading Friday, the trade came to within 9pips of TP1. Half position taken off ( @67pips profit ) and the rest moved to break-even to let the trade run.

#3

I just checked my chart I wish I knew how to post it. I looked at the following TF 5,15,30.1H they all trend in a channel I think it went down too much but with the dollar weakening you may be wright and if that happens I am just going to buy more maybe around .9085

#4

Hi dk,

For the above trade, I’m looking at Daily timeframe.
I prefer having a clean chart without channels, indicators, trendlines,…just support/resistance and price action.
[ see over here for more info: http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action.html ]

In addition to the daily chart, the weekly chart shows a bearish pin-bar at resistance after a pullback. Also, the USD pairs ( e.g AUDUSD, NZDUSD, GBPUSD, EURUSD ) show bullish signs on the weekly charts ( pinbars, 2-bar reversals)
=> my bets are on USDCHF going lower

20120318_usdchf_weekly.jpg700×400 41.9 KB

#6

dudes in my opinion it is going to bounce up sometimes you got to take the opposite of what the chart tells you because there are some really big traders out there when they lure enough people into the pool they start feeding. I trade micro lots and rarely bet big so if I am wrong it is ok I will make it up on the next trade that is the way I trade. there are days that I only make little over $1 and there are days that I make $700 plus i try not to be greedy my goal is to withdraw $500 a week from my accounts and so far I am blessed. Getting back to the point let see what happens in the next few days with this pair currently I am waiting to short oil just waiting for the right moment to get in good luck

#7

Hi dk,

It’s definitely going to bounce up some-time ( maybe now coz it’s at one of the major supports ).
I exited my trades near the support it’s currently at, and watching to see what it will do ( i.e, either it will break support and go lower, or bounce and start climbing ).

Thanks for your feedback!

H4:

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Daily:

20120321_usdchf_d1.jpg700×400 45.3 KB

#8

Hi dk!

You got your wish :slight_smile: A bullish reversal signal formed on the H4:
( Credit: Johnathon Fox: http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-65.html )

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#9

now Iam short