Trade Closed: 2007-03-29 00:10
Our remaining short position reached as low as 1.6150 before reversing back up to our readjust stop at breakeven. This pair has moved within this 50 point range and may continue to do so for the rest of the week with the lack of significant data for the Euro.
So, we took a hit of -50 pips total for this trade. As I go over this trade, I realize that my re-adjusted profit target of 1.6100 may have been a little too ambitious for a short term trade. Hopefully, I won’t make the same mistake next time on this pair.
1st half: -50 pips
2nd half: +00 pips
Total: -50 pips
Stop Adjustment: 2007-03-28 00:20
We’re seeing EUR/CHF drift lower and our trade slowing climbing closer to profitability. With the market trading around 1.6170 we will adjust the stop loss on this position to 1.6200. Our ultimate target will be 1.6100, but when the pair reaches 1.6140, we should readjust our stop to 1.6170. Keep a watchful eye on this trade, and stay tuned for updates. Good luck!
Trade Update: 2007-03-27 03:30
The portion of our short position that was opened at 1.6165 was stopped out earlier for -50 pips at 1.6215. We are still in the trade short with the position opened at 1.6200. We will continue to hold this open and target as per the trade adjustment from the last update. The divergence in stochastics still favor a downtrend move, but we must be wary of carry trades and risk returning to the market to push this trade higher. Stay tuned!
Trade Update: 2007-03-25 21:45
The markets are back open for another week of currency trading and we find both of our short orders triggered: one half position short at 1.6200 and one half position short at 1.6165. The market has drifted lower after finding resistance again at the 1.6200 level. I would like to adjust my profit taking level on the position opened at 1.6200 from 1.6150 to 1.6170. No adjustments to the other half of our position at the moment. I will continue to watch this trade, so stay tuned!
Trade Update: 2007-03-22 14:40
We entered part of our short position earlier as EUR/CHF spiked up to trigger our short trade at 1.6200. The pair found resistance around 1.6210 – 1.6220 and is currently trading below our entry point. With the lack of significant economic releases within the upcoming trading session, I think 1.6200 will hold as a resistance point and hopefully the sellers will overtake the buyers. Stay tuned for trade adjustments…Good luck!
Trade Idea: 2007-03-21 21:26
A couple of days ago I had a short trade idea on the EUR/CHF, but it never quite reached my entry level. Well, it finally made it and it looks like it is unable to breakthrough the resistance area drawn at 1.6190. So, I still like a short play, especially with stochastics hanging out in overbought territory.
I would like to go short at 1.6200, but at the moment it doesn’t look like it will break. So, I will have an two orders. Open up half your normal position size at each point so we can scale short into this pair.
Good luck and good trading!