Forex Update: Trading USD/CHF’s Rising Channel Bounce

Dodged a big bullet on this one!

Last week USD/CHF was lollygagging around my entry levels when Uncle Sam printed a better-than-expected durable goods orders report. As a result, the pair popped up and retested the .8860 area. Since price was already 30 pips above my entry and is the same distance as my stop loss, I decided to move my stop loss to break even.

USD/CHF 1-Hour Forex Chart

USD/CHF 1-Hour Forex Chart

It was a good thing that I did! USD/CHF erased all of its report candle gains in the next hour and even ended the day lower than where it started the U.S. trading session.

I’m left with a break-even trade and 0.00% gain on my account, but hey, at least I avoided a potential 0.25% loss! Hopefully I can spot another good setup this week.

XOXO,

Huck

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  • whenim64

    Hi Huck! I noticed that you just recently closed a position in dollar franc. I am actually looking to potentially buy it tomorrow. If tomorrow morning the 08:00 candle closes above .8800, then I will buy the pair. I think that it has potential to move up to .8860 then .8900 if it can close above .8860. If I buy at above .8800 I will set a stop loss at .8700. This looks like a high probability trade. Let’s see how it plays out!

    • Hucklekiwi Pip

      Hi whenim64!

      How did your USD/CHF trade go? This pair has shown a couple more high probability trades since you pointed out your setup. Did you take any of them too? I wish I had!