Caught a bit of luck with USD/CHF, now up over 100 pips in my favor. It’s time to lock in some pips and create a “risk-free” trade. Here are my adjustments.
It looks like buyers held on at the rising trendline and minor support area of .9950, and after a slow grind higher, I’ve got a decent enough move of over one daily ATR to roll up my stop to lock in some profit and create a near “risk-free” forex trade.
Rolled up stop from .9820 to 1.0000 to lock in a small 21 pip profit (+0.066%).
With momentum in the Greenback’s favor thanks to recent comments from a couple FOMC members supporting further rate hikes, I think the odds are good that I’ll get enough buying support to lift the pair up to my first target around 1.0300. And this may come sooner rather than later if the ISM Services PMI also comes in better-thank-expected like the manufacturing number earlier this week, and/or if we hear more hawkish rhetoric from other FOMC members who will be speaking this Friday.
That’s pretty much it for now as it’s “wait-and-see” mode, and if the trend remains strong if/when 1.0300, I may still add to the position to maximize my gains. If you’re trading USD/CHF with me, as always, remember to never risk more than 1% of a trading account on any single trade. Adjust position sizes accordingly. Create your own ideas and don’t simply follow what I do.
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