Trade Closed: 2008-02-18 12:15
Our trade closed today as GBP/CHF found support around 2.1370 and rallied 150 pips to hit our adjusted stop loss. The were plenty of buyers waiting at the bottom of the range, so another test of 2.14 may prove to be a nice buying opportunity.
1st half: +135 pips
2nd half: +200 pips
I will continue to watch the bottom of the range, so stay tuned for another possible trade idea on GBP/CHF.
Trade Update: 2008-02-15 09:06
GBP/CHF saw some life during the morning European trading session as the pair drops at the open, making a low just above our final profit target at 2.1345. With the pair trading just above 2.14, we will adjust our stop on the remaining position to lock in more profits.
Adjust stop from break to 2.1545 to lock in 200 pips on our remaining position. 2.1345 is our final profit target and we will close our position there.
Trade Adjustment: 2008-02-14 23:32
Love is in the air on this Valentines Day, especially for our short position in GBP/CHF. After entering, the pair rallied into the resistance area drawn on the chart and head back lower down to its current levels just above 2.1600.
It looks like the market has found plenty of buyers as it appears this level will hold, and with the pair trading right at the 50 EMA on the 4 hour chart I’d like to change our exit strategy as the pair may find more buyers and reverse higher from here.
Close half position at market (2.1610), adjust stop on remaining position to break even. We will trail stops by 100 pips.
Stay tuned for more updates!
Trade Idea: 2008-02-13 12:21
We have a nice technical setup going on in GBP/CHF as the pair rallies higher to the top of its range.
As we can see on the chart, we have a clearly defined sideways channel. Stochastics are currently reading about 95, way overbought, as the pair trades near the top. We will short at the current market price (2.1745) and our target is the bottom of the range. We will also trail our stops along the way if the trade goes our way.
Short GBP/CHF at market (2.1745), stop at 2.1945, pt1 at 2.1545, pt2 at 2.1345
Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.