Friday, February 15, 2013

USDCHF creates sell pattern

USDCHF trades with the decreasing volatility last day. The volatility may increase soon and the support (last minimum) at 0.9202 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).


My entry price: 0.9201
My take profit 1: 0.9182
My take profit 2: 0.9150
My take profit 3: 0.9098
My stop loss: 0.9235

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