The Dollar/Swiss pair has been rising pretty steadily for a while now and has leveled off recently from a quick run up. I think it is possible that the pair will fall back to the green base line (which is still on an up trend), and then continue its rise. It is not uncommon to see a pair make a quick leap up, then consolidate a bit as traders try to decide whether they will be taking profits or not. If the market does decide to go down I'll be ready to sell the pair on a break below the blue line. You'll note that the chart below is the 15 minute chart. This may be too short a time frame for some of you to use. Don't get caught up in a trade you cannot monitor. That's bad mojo. For those of you who can watch it though, I'll be selling below the blue entry line.
The chart below shows the longer term trend on the hour chart. The longer term trend is plainly visible (marked by the green line). This is our profit target. I will put a trailing stop on it after the trade makes +30 pips and I've moved to break even (shorter time frame, lower targets). The initial stop will be in the neighborhood of 1.1700. I'll keep you posted.
Happy Trading!
