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Close Open Orders: 2008-09-28 10:37

I held my open orders to short EUR/CHF for almost a week now, but with the pair falling on Euro weakness, it looks like I won’t be able to get a more favorable price to short any time soon. I’ve decided to close my open orders, and looks for opportunities elsewhere.

Close Open Orders. No trade. EUR/CHF Forums
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Trade Idea: 2008-09-23 19:46

crosseyed chart

Tonight, I’ll be taking a look at EUR/CHF as we may see an opportunity to short in the downtrend as drawn on the chart. Check it out!

Another basic chart idea today with the one hour chart up on EUR/CHF. The falling trendline was actually drawn on the four hour chart, going as far back as the beginning of August. So, prices have been falling for a while and it looks like every rally attempt is just another opportunity to jump back in the down trend. I have highlighted a possible resistance area in between 1.6000 and 1.6050 – where the falling trendline lines up with the psychological area of 1.6000 and previous resistance. I have a feeling traders are eyeing that area for a sell area.

Fundamentally, we have Eurozone data coming out later with German Ifo Business data (further weakness from Eurozone?), and possibly more volatility on the developments of the US bailout plan. It looks like there may be delays as the US Senate picks apart the plan, and a delay in implementing the plan will delay the uncertainty currently haunting traders.

So, I’m short bias on this pair, but I’d like to get a slightly better price before entering. Here’s what I’m going to do:

Short EUR/CHF at 1.6000, stop at 1.6050, pt1 at 1.5950, pt2 at 1.5850

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

If the second profit target is hit, I look to keep it open and use trailing stop to catch a possible move lower.

Stay tuned!

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