Pick of the Day: USD/CHF – Trade Closed

Trade Closed: 2008-01-27 20:28

Our trade was entered and exited on Friday as the Greenback rallied against the Swiss Franc into the weekend.

Total: -60 pips/ -1%

Trade Idea: 2008-01-25 00:28

PoD Chart

Good Evening! The Swiss Franc has been ripping against the majors lately and that includes the Greenback. Without any major economic news to close out the week, we may see technicals play out as the Swissy retraces on profit taking and meets minor resistance around 1.0930 – 1.0940 (yesterdays high).

Short USD/CHF at 1.0930, stop at 1.0990, pt1 at 1.0885, pt2 at 1.0830

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

So, a simple trade to close out the week. Stay tuned…Good luck and good trading!

25 comments

  1. enochbenjamin

    Krazydiamond – if your only input is that this was a crappy trade, then I must assume that you blindy take the trade signals suggested and run with them.

    In my humble opinion you should take the signals suggested and bounce them off of your own system/trading style to see if they mesh – if they do then run with it, if they don’t then move on.

    For example, I have not been looking at USD/CHF – this post got my attention and I looked at my charts (Ichimoku) and found that great resistance would not be met until 1.0970 – so I would have chosen this as my short entry.

    Also the trade suggests a 60 pip stop-loss, however I do not feel comfortable risking that much, so I would have cut that in half.

    The bottom line is you have to figure out what works for you, and even then not every trade will be a winner.

    better luck next time.

    Reply
  2. avallera

    I think it is a good analisis, but the market decided to go a bit higher. It has retraced from 1.0981 and it is now at 1.0955 and going down. thanks

    Reply
  3. Krazydiamond

    enochbenjamin, you are absolutely right. And I had second thoughts about taking it, I did look at 970 and placed my resistance as that. It was a medium term resistance it was sold under. I always assume that those who post trades must have more knowledge about trading and what is happening than I do. I must have more confidence in what I see. Because what I saw was correct.

    Reply
  4. enochbenjamin

    Krazydiamond – if your only input is that this was a crappy trade, then I must assume that you blindy take the trade signals suggested and run with them.

    In my humble opinion you should take the signals suggested and bounce them off of your own system/trading style to see if they mesh – if they do then run with it, if they don’t then move on.

    For example, I have not been looking at USD/CHF – this post got my attention and I looked at my charts (Ichimoku) and found that great resistance would not be met until 1.0970 – so I would have chosen this as my short entry.

    Also the trade suggests a 60 pip stop-loss, however I do not feel comfortable risking that much, so I would have cut that in half.

    The bottom line is you have to figure out what works for you, and even then not every trade will be a winner.

    better luck next time.

    Reply
  5. avallera

    I think it is a good analisis, but the market decided to go a bit higher. It has retraced from 1.0981 and it is now at 1.0955 and going down. thanks

    Reply
  6. JeffDow

    USA/CHF bounced 130 pips from around 10 pips above its all-time low and its nearest resistance is around 1.1000.

    Reply
  7. kr_vasudev

    Yet to hit the stop, However I have read this trade details, my method was yet to trigger short in this pair, hence eagerly waiting to strike when my method gives sell.

    Thanks for the trade Pick. I had a good trade in AUDUSD Long Trade.

    Reply
  8. JeffDow

    USA/CHF bounced 130 pips from around 10 pips above its all-time low and its nearest resistance is around 1.1000.

    Reply
  9. kr_vasudev

    Yet to hit the stop, However I have read this trade details, my method was yet to trigger short in this pair, hence eagerly waiting to strike when my method gives sell.

    Thanks for the trade Pick. I had a good trade in AUDUSD Long Trade.

    Reply
  10. NEWMAN07

    it is one of does things about trading , so we have to accept that .He did great with cable . i salute his experience so much and i encourage him to carry on.

    Reply
  11. NEWMAN07

    it is one of does things about trading , so we have to accept that .He did great with cable . i salute his experience so much and i encourage him to carry on.

    Reply
  12. PipcrawlerPipcrawler

    This trade didn’t go well, but thanks to risk management we live to trade another day! Thanks for the comments everyone!

    Reply
  13. PipcrawlerPipcrawler

    This trade didn’t go well, but thanks to risk management we live to trade another day! Thanks for the comments everyone!

    Reply
  14. peej

    True this trade didn’t work quite right but it doesn’t seem to be that far off. MOST indicators are still saying the pair is about to drop. Besides that I managed to make 25pips on the way up to 1.0930 before opening the short position.

    Reply
  15. peej

    True this trade didn’t work quite right but it doesn’t seem to be that far off. MOST indicators are still saying the pair is about to drop. Besides that I managed to make 25pips on the way up to 1.0930 before opening the short position.

    Reply
  16. aeronleong

    Hi, do you mind leaving your personal contact; e-mail or messenger? It will be easier for me if I need to contact you. Thanks

    Reply
  17. aeronleong

    Hi, do you mind leaving your personal contact; e-mail or messenger? It will be easier for me if I need to contact you. Thanks

    Reply

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