Close Open Orders: 2013-02-01 05:45 ET
It looks like no luck during Thursday’s session for me to get a pullback on USD/CHF. With US NFP coming up quick in a few hours, it’s time to close down my orders to avoid event risk.
Before you move on, for those who are not familiar with my framework, signals, setups, or acronyms, please visit my discretionary trading framework blog.
There really isn’t much to say on this trade; I just didn’t get the pull back I was thinking was a possibility during Thursday and today’s session. We got positive surprises from US Personal Income and Chicago PMI, but it wasn’t enough to move the US Dollar much, let alone push it up to .9150.
Now that we’re past through the morning European session, and the pair already pushing back below .9100, it’s time to close my open orders to short USD/CHF at .9150. No trade.
For those trading the event, stay safe, be patient, good luck and good trading!
Trade Idea: 2013-01-31 03:00 ET
Good morning forex friends! I totally missed the boat by not holding on to my USD/CHF short from last week, so I’m looking for a pullback on that massive drop to jump back in.
I held off jumping back in with the FOMC meeting this week, but lo and behold that was a snoozer as the big moves all came during the morning European session with no new major news. It looks like Dollar bears were helped out by a weaker-than-expected Advanced US GDP number (-0.1% vs 1.1% forecast). With no major news events ahead of tomorrow’s US jobs report, I figure the bearish Greenback sentiment will continue, and maybe I can catch some quick pips if there is a pullback and sellers jump back in.
On the 60 minute chart above, I drew a Fibonacci tool on the most recent leg of the downtrend, and we can see the normally watched retracement levels line up with the MiPs level (.9150), which also happens to be the top of its daily volatility range. I’ll look to short there and go for a 1:1 trade on a small position (only 0.50% max risk) to hopefully be out before the US NFP report on Friday. Here’s what I am going to do:
Short USD/CHF at .9150, stop at .9210, max profit target at .9090
So, I’m keeping it really simple for Thursday’s session, and hopefully the second tier reports on today’s calendar will spark enough volatility and direction to go my way. Of course, if sentiment changes (as it usually does), I’ll be sure to adjust quickly; follow me on Twitter and Facebook for updates and adjustments. Thanks for checking out my blog–good luck and good trading!