USD/CHF Daily
Long or Short: Long
Entry Point: 0.9063
Stop Loss: 0.9005
Profit Target: 0.9213
Trade Explanation: 4hr chart stoch shows overbought with a downward trend which is where I’m looking for the buy-in. Weekly chart shows oversold with an upward trend from the RSI(9 period). The chart should tell you the rest. I have the S/L at S1 because I don’t think it will bounce that far.
The average daily pip movement on this pair over the last ten days is 70.1 so keep that in mind as S/L is placed. I have mine much shorter because I prefer this trade stopped out earlier if it moves against me.
I will keep an eye on this because my trading plan dictates that I trade AFTER the 10/20 MA crossover, and I always follow my own rules, but I expect that to happen at the point I have indicated. If not, I’ll join in a bit later than I had hoped. Keep in mind the US shutdown.
