This pair just broke through the bottom of a long converging triangle on the daily chart that started back on October 25. It has been trading in a fairly tight range (for this pair) on the hour chart since about 0800 EST yesterday (24 bars). The pair has not traded this low for several years (late 2002) and it could go lower, but it could get pulled up toward its 800 day moving average as well so we need to be ready to move either way. I'll sell if it closes below 116.43 on the 60 minute chart, and buy if it closes above 117.93. My stop will be the other side of the channel for each trade. I'll move to break even if it gets to +50 pips and start saving pips thereafter (I'm thinking of a 10 pip trailer after I get to +50, but if it starts to look wonky, I could tighten it). I'll keep you posted.
Also, the USD/CHF has been in a channel for a couple of days. I'll buy if it closes above 1.1257 on the 60 minute chart and sell if it closes below 1.1100. Same stops and profit plan as with the EUR/JPY.
Happy Trading!
Also, the USD/CHF has been in a channel for a couple of days. I'll buy if it closes above 1.1257 on the 60 minute chart and sell if it closes below 1.1100. Same stops and profit plan as with the EUR/JPY.
Happy Trading!
