Thursday, February 14, 2013

USDCHF: down punch chance

USDCHF trades with the decreasing volatility last day. The volatility may increase soon and the support (last minimum) at 0.9153 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: 0.9152
My take profit 1: 0.9126
My take profit 2: 0.9082
My take profit 3: 0.9011
My stop loss: 0.9198

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