Aaaand I’m out! Thanks to a bit of optimism over the Senate’s tax bill, USD/CHF has hit my adjusted stop loss. Woot! Time to look for another profitable setup?
If you’ve been tuned in for a while, then you should know that I’ve shorted USD/CHF after it hit a trend line resistance near a Fibonacci retracement.
On a fundamental basis, I was betting on traders’ “meh” attitude towards the Fed’s uncontested plans to raise rates this month. Thing is, we also identified that progress on the Trump administration’s tax reform could fire up the dollar bulls again.
And that’s exactly what happened this week. With Republican Senators not putting up too much fight over their version of the tax bill, it’s looking a lot like Trump and his gang would get enough votes to further their cause this week.
USD/CHF hung around the weekly open price before it bounced higher, enough to trigger my (second) adjusted stop loss at .9840.
Here’s the gist:
Closed at 0.9840 for a net of +85 pips (+0.43%).
Not a bad deal considering that the pair was also hitting some major retracement levels including Fib lines and the 200 SMA on the daily time frame!
But on to the next trade! Which among the major currency pairs do you think will present the next best swing trade opportunity?
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.