[TW] 04-30-2012 - USD/CHF (OCO) by peterbaik

Greetings ForexNinja and Babypips members!
I am submitting my first ever trade idea. I haven’t quite reached the minimum 5 posts but I’ll be perusing the forum boards for opportunities to put in my 2 pips…so enter my idea will ya?? Anyways, even if I don’t get entered would love to have a discussion about my idea with other members.

Before I begin, I must give credit to PipCrawler and BigPippin as my trade setup came from a combination of their blogs: Pick of the Day, and Pippin’ Ain’t Easy. Subscribe to them now, if you aren’t already!!

So, without further ado, here goes…

Attached Chart: USD/CHF Daily

OCO (One-Cancels-the-Other) order
Buy @ 0.9150
SL: 0.9090
TP: 0.9210

Sell @ 0.9060
SL: 0.9110
TP: 0.9010

RR: Buy 1:1 - Sell @ 1:1

Risk: 1%

Indicators: Trend Lines and Babypips Blogs (See Above)

Rationale: Thanks to BigPippin’s Daily Art Chart analysis on 4/27/2012, I agree with him that the USD/CHF is trading within a symmetrical triangle. However, I’m not so positive that USD bulls are imminent, due to some of the recent USD related news this past week. So I’ve set up the order above to take advantage of whichever direction it may go.

From the chart you can see that my entry orders follow the trendlines on both sides. Effectively waiting for a confirmation before entering and hoping for a further break. The SL’s are set just on either side of the psychoological 0.9100. The TP’s are roughly based on the range that PipCrawler mentions in his swing play idea on 4/24/2012, 0.9025 - 0.9200.

Trade Adjustments: My personal trading style is I get out of half of my position at half my TP and move my SL to break even at that point.