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
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.
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.
Stay tuned for more updates!
Trade Idea: 2008-02-13 12:21
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.