Trade Closed: 2007-12-28 13:54
1st Half: +120 pips
2nd Half: +235 pips
Total: +355 pips/ +1.96%
I hope everyone did well on this trade and have a happy new year!
Trade Adjustment: 2007-12-27 12:21
If USD/CHF continues to fall further, we will lock in profits by moving our stop on the remaining position along the way. Stay tuned for more updates and a possible position close before the end of the new year. Good luck!
Trade Update: 2007-12-26 21:41
It has been a nice an quiet holiday season for our latest trade as USD/CHF has kept in its range between 1.15 and 1.16 in the last couple of weeks or so. The pair is currently trading back down near our entry point after coming within a few pips of stopping out to below 1.15 briefly.
We will continue to hold onto this trade through the end of the year, market willing, as commodities rise and the effects of the subprime fallout weighs on the Greenback once again. We are also seeing a return to carry trades as we wind down 2007, so we do have to be cautious as markets are uncertain going into the new year.
No new trade idea tonight and probably for the rest of the week as trading volume will continue to be light going into 2008. Anything can happen of course, so we will always be ready. Stay tuned my friends for updates!
Trade Idea: 2007-12-18 20:14
On the daily chart, we can see the pair returning to a downward trendline. Using the Fibonacci tool, we can also see a 61.8% retracement – another resistance area. And finally, stochastics are showing the pair is short term overbought.
So, we will short the pair at market and target the Fibonacci levels on the chart.
Remember to never risk more than 1% of your account on any single trade.
Good luck and good trading!