Trade Closed: 2007-11-12 08:45
First trade: -50 pips
1st Half: +52 pips
2nd Half: +152 pips
Total: +204 pips
So, we came out positive after we reversed our position on the support break. We were probably stopped out prematurely as it now looks as if currency markets are in risk aversion mode with equity markets around the world selling off at the moment. With EUR/CHF trading around 1.6400 at the moment, look for the pair to test 1.63 and 1.61 in the near future.
Congrats to those who did well on this trade!
Trade adjustment: 2007-11-09 10:15
Adjust stop from 1.6600 to 1.6500
Next adjustment will be if the pair hits 1.6400. Stay tuned!
Trade adjustment: 2007-11-08 15:25
The pair hits a low of 1.6515, easily hitting the next profit target of 1.6550. We will adjust our stop on the remaining position from 1.6650 to 1.6600 to lock in another +50 pips.
If the pair manages to make its way to 1.6500, we will adjust our stop once again to 1.6550, so stay tuned for that event. Good luck!
Trade adjustment: 2007-11-07 09:25
Stay tuned for updates!
Trade Closed and Reverse: 2007-11-06 09:55
It looks like we didn’t get much of a run higher as EUR/CHF rallied for a bit, triggering our entry, and then turned lower and stopped us out. Because the support area was broken, I will shorting this pair to ride the momentum lower.
Total: -50 pips
Trade Idea: 2007-11-05 14:50
We can see on the chart that the pair has once again reached support around 1.6668 and it appears this level lines up with the rising trendline and the bottom moving average. Also, stochastics are heading lower once again into oversold territory.
Will buyers jump back in here? Could be possible, but we will wait for the pair to make its move higher before jumping in.
Fundamentally, the big event of the week for this pair is the ECB interest rate decision. With rising inflation, analysts think the a cut is out of the question and that a rate hike might be in the works in 2008. So, look for further Euro strength in the short term.