Wednesday, October 29, 2008

10-29 USD/CHF Trade UPDATED




After watching the Euro taking off like the space shuttle, I was hesitant to trade it against such a strong move. It did pay from the level I was watching but I chose instead to trade it's little brother, the usd/chf pair. After seeing the euro move 5 cents on the day, the swissy had only moved a quarter of that. I could see some breakdowns starting to form on the longer time frames and when the 4 week trend line was broken and a closed below support, I took notice. I scaled to a 15 minute, waited for a rally and then traded it at 1.1541 short. My better entry was 1.1580 but it was getting late and I didn't know if it would go there. I took the trade, secured some profit and left a larger stop. After getting up the this morning I was in profit by 44 pips and took some more out at 74. I don't know what will happen next, but it seems to be turning the corner and with the euro showing strength once again, maybe the swissy is lagging. I hope so :). UPDATED... This position was totally closed out with just under 300 pips of profit.