Thursday, February 14, 2013

USDCHF also can go up

USDCHF trades with the decreasing volatility last day. The volatility may increase soon and the resistance (last maximum) at 0.9197 will be punched. Let's put pending sell order 1 point higher the resistance level.
We can use 161.8, 261.8 and 423.6 Fibonacco levels as Take profits and the support (last minimum) 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).

BUY STOP order

My entry price: 0.9198
My take profit 1: 0.9224
My take profit 2: 0.9268
My take profit 3: 0.9339
My stop loss: 0.9152

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