Trade Closed: 2007-08-30 08:05
It has been a wild ride for the financial markets for the past few weeks, and yesterday was no different as EUR/CHF rallied back up to our entry point to close out our remaining position at break even.
1st Half: +30 pips
2nd Half: +00 pips
Total: +30 pips
Currently, the pair is trading back up at the downtrending 240 MA’s. I will look to short again very soon….stay tuned!
Trade Update: 2007-08-29 11:00
Trade Update: 2007-08-28 12:40
We locked in 30 pips and moved the stop on our remain position to break even to create a risk free position. We have the FOMC Meeting Minutes coming up very soon which could affect other currencies besides USD indirectly.
We will hold onto this trade and see what happens. Good luck!
Trade Idea: 2007-08-27 14:57
On the chart, we can see 240 MA’s trend lower and stochastics are beginning to turn lower from overbought territory. Also, we can see hidden divergence as price action made higher highs and stochastics highs do not.
First, we will wait for the pair to move lower for a trend reversal confirmation. Our stop will be above the 240 MA’s.