daytradersfx
Long

Buying dips- looking for 300-500 pips

FX:USDCHF   U.S. Dollar / Swiss Franc
USDCHF             has done NOTHING for a long time and now it looks like it's almost ready for something kind of big. We have a great longer term pattern setting up there and we're looking for opportunities to buy dips when/if this pair retests the break out area.

Here are a few scenarios:

1. buy dips around .9800-30, stops down around 9600, target 1.0300 (max target).

2. buy breaks of .9900 with the option of adding to the position as low as .9800, still targeting 1.0300 highs
Trade active: I'm long at the break of .9900, I wanted to get another entry on a dip but market conditions were too choppy for that. I will add another long at the re-test of 9950 area.
Comment: Big rejection off parity/1.00 level, no confirmation to add at 9950 yet, it's still dropping and leaving a pretty big daily shooting star (reversal candle). Let's watch and see, I'll happily add to this trade at 9850 or even 9800 level.
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