USD/CHF, Daily
Long or Short: Long
Entry Point: Market (.8430)
Stop Loss: .8330 (below previous day low)
Profit Target/s: .8550
Reward-to-risk Ratio: 1.2:1, but can be bigger if you put trailing stop after you hit first PT
Risk percentage: 2%
Indicators used: RSI (9)
Trade Rationale:
Okay, here’s my idea in bullet point form…
- potential reversal or retracement due to strong support at .8320 - .8350
- overdone CHF
- recent dollar strength
- RSI going higher, just out of oversold
I think the CHF rally is way overdone, so I’m hoping to catch the retracement. This is my second time joining this contest, hope you like it!
Trade Adjustments:
Take half position off at profit target and place a trailing stop of 100 of 50 pips on the other half.