Trade Closed: 2008-11-16 12:15
My trade was closed on Thursday on a risk appetite rally. My remaining position was closed at breakeven to close out the trade.
1st Half: +225 pips
2nd Half:+00 pips
Total: +0.50% gain
EUR/CHF is back up to the broken-support-now-resistance level, and sellers are holding that area firm. I’m still short bias on the current market environment as growth continues to slow across the globe. This return to resistance may prove to be another short opportunity. Stay tuned!
Trade Adjustment: 2008-11-11 12:44
My trade hit the first profit target this morning as EUR/CHF continued to fall since hitting the resistance area. Half of my position was closed at 1.4860 and it is time to make a few adjustments.
Half position closed at 1.4860 to lock in profit. Adjusting stop on remaining position to breakeven 1.5085 to create a risk free trade. I will continue to target 1.4350.
So, with some locked in profit in hand, I’m just going to sit back and see what happens. If my second profit target is hit, I will keep the trade open and trail my stop from there.
Stay tuned and remember to support your troops!
Trade Idea: 2008-11-10 11:02
Good morning! Got a technical setup on EUR/CHF as the pair bounces of previous resistance. Check it out!
Another simple setup on the four hour chart. The previous support area around 1.5150 was broken and has served as a resistance as sellers pushed down the pair at that same area a few days ago. It looks like it held once again today during the Asia and European trading session. The pair is back to the 61% Fibonacci retracement level where I will go short.
Short EUR/CHF at market (1.5085), stop at 1.5310, pt1 at 1.4860, pt2 at 1.4350
Remember to never risk more than 1% of a trading account on any single trade. Adjust position sizes accordingly.