Sunday, February 10, 2013
CHFJPY: down amid yen correction
CHFJPY trades with the decreasing volatility last hours. The volatility may increase soon and the support (last minimum) at 100.84 will be punched. Let's put pending sell order 1 point lower the support level.
We can use 161.8, 261.8 and 423.6 Fibonacco levels as Take profits and the resistance (last maximum) level as Stop loss.
As we reach each Fibonacci level close the 1/3 of the order amount and move the Stop loss at the previous Fibo level. For example as we reach 161.8 Fibo level close 1/3 of the order amount and move Stop loss to 100 Fibo level (i.e. entry price level).
SELL STOP order
My entry price: 100.83
My take profit 1: 100.60
My take profit 2: 100.21
My take profit 3: 99.58
My stop loss: 101.24