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Close Open Orders: 2008-06-24 12:26

It looks like our entry orders missed the market by a few pips as the pair made a high of about 1.6238 before falling during the morning European trading session.

Since we missed the trade and it looks like the pair has found buyers to push it back up above 1.6200, I will close open orders to short EUR/CHF and look for the next trading opportunity.

Trade Idea: 2008-06-23 20:24

crosseyed chart

Good evening! It looks like EUR/CHF is setting up for a nice short term trade as the pair remains range bound on market uncertainty.

On the chart, I have drawn a channel and it looks like the pair may now be reversing after hitting the top. Stochastics are indicating overbought conditions and may be turning over.

Fundamentally, we saw the Euro take a hit earlier as German Business data came in weaker than expected. This should hurt the Euro in the short-term, but it also adds to the confusion on whether or not inflation or slowing economic growth will be the focus of central banks in the short term.

So, I would like to short at the top of the channel if we see the market make another move higher.

Short EUR/CHF at 1.6245, stop at 1.6280, pt1 at 1.6210, pt2 at 1.6175

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

Stay tuned for updates and good luck!

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