PIck of the Day: USD/CHF – Trade Closed

Trade Closed

1st half: -40 pips
2nd half: -10 pips
Total: -50 pips

Trade Update: 2007-04-26 07:20

A quick update: we are no short both half positions, one short at 1.2045 and one at 1.2075. The market is currently trading around 1.2065. No major news events today during the US session, so we will hold on to see if our Dollar short bias plays out. Good luck!

Trade Idea: 2007-04-26 00:50

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We’re going to make another attempt at my short dollar bias with USD/CHF once again. Yesterday, we were looking for a break below 1.20, but instead, it continues to find major resistance at this level. With today’s New Home Sales coming out lower than expected, I would still like to short the pair.

The pair is currently trading around the 38% Fibonacci retracement area of the last major swing move to the down side. We will scale in starting with a half position there, and another half at the 68% Fib area

Short half position USD/CHF at 1.2045, stop at 1.2085, pt at 1.2000

Short half position USD/CHF at 1.2075, stop at 1.2085, pt at 1.2050

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

Good luck and good trading!