Pick of the Day: EUR/CHF – Trade Closed

Trade Closed: 2007-02-06 23:00

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Our long position in EUR/CHF ran up as high as 1.6117 before dropping in during the afternoon US trading session on Swissy strength. As per trade rules, I closed our position at 1.6095 for a miniscule -5 pip loss on half our normal position size.

Total: -5 pips

Trade Update: 2007-02-06 08:30

Our long trade at 1.6100 was triggered this morning and we are currently +13 pips in the money. Stochastics are still in the oversold area, so hopefully we will see EUR/CHF pull up to our profit target of +24 pips. We continue to keep an eye on this trade, so stay tuned for updates.

Trade Idea: 2007-02-06 01:13

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Without any market moving events in the lineup today, I am looking for range bound technical trading. EUR/CHF presented itself as the pair is approaching a major price area of 1.6100. The stochastics have been hanging the oversold area for a while, so we may see just enough resistance to spark a retracement after the strong selloff that’s bee going on for the past few days.

For now we will just go in long with half our normal position size. Here’s a trade idea:

Long half position of EUR/CHF at 1.6100, stop at 1.6070, pt at 1.6130

Remember to never risk more than 1% of your account on any single trade, so please adjust your position sizes accordingly.

Look out for trade adjustments and I may possibly add another half to this position depending on price action this morning. Good luck and good trading!