This trade opened short at the close of the 1800 EDT bar. We sold the pair at 1.2847 after a pretty strong downward bar. The pair turned on the next bar and went back into the channel and after going back and forth a bit hit our stop a little after 0400 EDT for a -111 loss. The uptrend continued and the pair closed above the channel at the end of the 0400 EDT bar, and as I was up anyway, I entered the trade at 1.2982. This had the looks of the type of head fake that is not uncommon in channel trading where a pair makes a quick move in one direction, only to reverse and go in the other direction for a couple hundred pips. This, however, was not one of those times. The trade opened long and moved up pretty well. The trade moved to break even at 1.3032 at about 0615 at which time I put a 10 pip trailer on. It continued up hitting a high of 1.3072 just after 0820 EDT. The pair moved back down pretty quickly after hitting that intra-day high and hit our stop at 1.3012 at a bit after 1000 EDT for a +40 pip gain on the long side. Total for this pair on these two trades was -71.
The USD/CHF trade opened yesterday at the close of the 0600 bar. I was in short at 1.1816. The pair hasn't done much so far. I'll keep an eye on it and report when there is more information.
Happy Trading!
The USD/CHF trade opened yesterday at the close of the 0600 bar. I was in short at 1.1816. The pair hasn't done much so far. I'll keep an eye on it and report when there is more information.
Happy Trading!
