Forex Update: Retracement Play on USD/CHF

Not bad for a couple days’ worth of waiting!

As I mentioned in my update last week, I got lucky with my entry on USD/CHF’s rally. I also said that I’ll be keeping close tabs on my position during the NFP report release.

Original Trade Idea: Retracement Play on USD/CHF

USD/CHF 1-Hour Forex Chart

USD/CHF 1-Hour Forex Chart

Well, it looks like I watched the report TOO closely. I exited the trade as soon as I saw the way weaker-than-expected NFP report. You see, I had anticipated end-of-week profit-taking or at least a deep retracement for the dollar.

In hindsight, I probably should have waited for candlestick confirmation before I pulled the trigger. My stop loss is wide enough, after all. As it is, the trade yielded a 0.52% gain on my account, twice my 0.25% risk. Not too bad, I think.

Do you think USD/CHF is still a good buy on retracements? Fingers crossed for another good setup next week! 🙂

XOXO,

Huck

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  • ForExchange

    Hi Huck,

    nice trade there! I guess HappyPip made some good pips and you did not want to be behind her! 🙂 I think USD is good vs. anything at this time and a retracement on this pair comes soon to 0.9300.

    Ohhh, my fingers are slowly ruined from the “many crossings” every week for you! 🙂

    Have a nice weekend and good trades further on