Trade Closed: 2007-09-25 20:40
We will close all open trade orders as the pair continued south without a retracement.
Close all open orders. No trade.
Trade Idea: 2007-09-25 04:00
Greetings! It looks like we may have a chance to jump into this Dollar downtrend at a better price with USD/CHF. The pair is currently in ranging mode, taking a breather after dropping lower on the Fed rate cuts, and I expect sentiment to remain short bias on the Greenback for quite sometime.
On the chart, we can see it was a pretty steep drop, and if the pair made its way back up to the 61% Fibonacci retracement level we have a strong probability of resistance and reversal. That level also marks a previous level of support-turned-resistance, after the pair broke lower last week.
So, we will short on retracement…Here we go:
Short USD/CHF at 1.1800, stop at 1.1850, pt1 at 1.1750, pt2 at 1.1700
Please remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.
Stay tuned for updates! Good luck and good trading!