Friday, October 31, 2008

10-31 Trick or Treat Trade? UPDATE

Eyeing this usd/chf set up, there is a gartley going into what I anticipate could be the last leg of a last ditch attempt before this pair falls which is many times the case in BBB patterns. There is a bearish gartley (79 and 162) lining up and into major congestion. I have a limit for 1.1632 and a larger stop. The swissy has not been erratic like the euro or cable during all this market hysteria so this could prove to be a good set up. Time and the market will tell. UPDATE... turns out this was a treat trade, but was bitter at first. A larger stop was the key here as it flew past my initial level but honored it none the less and profit of 25 pips on most of the position. Mr. Bernanke started speaking at 2 pm and my remainder was history as my stop was near entry.