Pick of the Day: USD/CHF – Trade Closed

Trade Closed: 2007-08-26 11:00

After our trade adjustment on Friday, USD/CHF shot up back to our entry level and closed out our remaining position at break even.

1st Half: +20 pips
2nd Half: +00 pips
Total: +20 pips

In retrospect, I may have set my entry orders maybe 10 pips farther from the range than I should have. This is something I may adjust on our next breakout play.

Stay tuned for more trade ideas in the last week of August trading!

Trade Update: 2007-08-24 09:10

Our short trade was triggered the morning European trading session and momentum has carried the pair far enough to hit our first profit target.

We closed half of our position to lock in 20 pips, and please adjust the stop on the remaining position to break even. We will hold for now as momentum for the pair is to the downside and US New Home Sales may take us down even further! Good luck!

Trade Idea: 2007-08-23 22:00

PoD Chart

Good Evening! Tonight, it looks like price action in USD/CHF has been ranging and consolidating over the past couple of trading session. Will tomorrow’s US data provide the catalyst for a breakout play?

As we can see on the chart, the pair has stay withing a 50 – 60 point range as this market is probably waiting for US Durable Goods and New Home Sales reports tomorrow morning. We setup a straddle play for quick pips.

Long USD/CHF at 1.2130, stop at 1.2080, pt1 at 1.2150, pt2 at 1.2200

or

Short USD/CHF at 1.2020, stop at 1.2070, pt1 at 1.2000, pt2 at 1.1950

Please remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Also, if either the long or short order is trigger, cancel opposite order in case of any whipsaw action.

Stay tuned for updates, good luck and good trading!

  • swordofrue

    This one is a tough call either way (long or short). I sort of have a short bias and a long bias, thus I think the breakout works perfect here.

  • swordofrue

    This one is a tough call either way (long or short). I sort of have a short bias and a long bias, thus I think the breakout works perfect here.