Long or Short: LONG
Entry: Go long on .8030, 30 pips above the .8000 level.
Stop loss: 100-pip trailing stop
Profit target: .8500
Reward-to-risk ratio: 5:1 or better if the move is really strong and I decide to add a position every 100 pips. Can be maximized to a 15:1 ratio if the market conditions are good.
Risk percentage: 1% for every position
Indicators used: RSI
Rationale: SNB has been trying again and again to intervene in the markets but their recent attempts were unsuccessful. I believe they will eventually come up with a plan to push the franc down and this will trigger a strong break above .8000.
USD/CHF has also been making higher lows and formed that ascending triangle/bullish pennant on the 4H time frame and it could break to the top as continuation of the uptrend.