Pick of the Day: EUR/CHF – Trade Closed

Trade Update: 2007-02-12 14:30

We’ve held onto this trade for a while, and obviously it hasn’t done much in the past few days especially with the lack of data today. So, we will close this trade at 1.6240 for a small 10 pip profit and move on to the next opportunity.

Half position: +10 pips

Trade Update: 2007-02-11 23:50

Welcome back to another wonderful weekof Forex trading! We are still in our short position triggered from last Friday. The market reopened with a gap down, but the Euro climbed up against the Swissy, bringing us back to where we left off before the market close on Friday. We will continue to watch this position and hold it open as the pair seems to be overbought and the market continues to be unreactive to Trichet’s hawkish comments. Stay tuned!

Trade Update: 2007-02-09 12:00

Our short trade was triggered and we are currently +10 pips in the money. We won’t add the second half at this point. With it being Friday, the G-7 meeting going on, and no more reports for the rest of the day, price action will probably continue to be slow. So, we may hold onto this trade, possibly into the weekend….stay tuned!

Trade Idea: 2007-02-09 06:27

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Good Morning! Sorry about the late post, but better late than never right? 🙂 Well, today we’re looking at EUR/CHF. I had a long trade on it a couple of days ago, but because of the “Pick of the Day” rules, we had to adjust and close it. And look where it’s at now??? Doh!!!! So, today…we’re going to forget the rules and short this baby!

On the chart, this pair made a sharp run of 150 pips, so we should see profit taking pretty soon. Stochastics and RSI are in the overbought area which gives us another reason why we should short. For now we will short half our normal position size, and based on price action we will see if we add the second half later…here’s the trade idea:

Short half position of EUR/CHF at 1.6250, stop at 1.6290, pt at 1.6175

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

Good luck and good trading!