[TW] 11-25-2011 USD/CHF Long by keribells

Hi, I’m new here. I thought I’d use my first post to share a trade idea with you all.

USD/CHF, 4-Hour

See chart here:

Long or Short: Long
Entry Point: Buy at the break of resistance at .9240
Stop Loss: .9140
Profit Target/s: 100-pip trailing stop
Reward-to-risk Ratio: Depends on where the trailing stop.
Risk percentage: Up to you, but I usually put 3% of my balance for longer-term trades like this.
Indicators used: None

Trade Rationale:

You can see how USD/CHF has been consolidating for the past few days but it has been constantly making “higher lows.” This is a classic breakout pattern where traders try to push prices higher but the bears are just trying to hold on. Sooner or later, the bears will give in and the pair will breakout higher.