Short term short on USD/CHF in the 0.883X region based on daily downward trend line. This trade is dependent on EUR/USD's trend line holding the 1.38 level. Considering the iffy nature of the trade, I'd use a small stop loss of 25-50 pips only. Target would be low to mid 0.87XX region but again dependent on how high EUR/USD goes.
PS: I already have an entry at 0.88374.
Comments
ForexWeeklyAnalysis
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Retail bears want to short EUR/USD in the mid 1.38XX region, which if it happens should push USD/CHF down to 0.8780-0.8800, which is where I'll probably be looking to take profit.
ForexWeeklyAnalysis
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Hmm.. I slept in by a lot, normally wake up at 4am (woke up at 9am instead). I see EUR/USD hit 1.3827 earlier today, had I been awake for that, I would've manually exited my USD/CHF at the lows but as per my last comment, I had set my TP in the 0.8780-0.8800 range.
ForceFollower
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Don't worry, pal. I was stopped out of USDCHF on a trailing stop for some petty cash. I'm taking this pair off my watchlist.
Btw, as you're in Toronto (and I'm in Central Europe) I was surprised to see you online only seven hours ago. I'm not your ma, but you went to bed very late and you haven't slept much. And the lack of sleep is not good for your decision making in the trading business... And you said you 'slept in by a lot'. :-) You must be kidding... :-) I need 9 hours of sleep every day, and if I don't get it, I make mistakes and get grumpy like I am being today...
ForexWeeklyAnalysis
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My human clock is adjusted to that of a European trader, one of my business ventures requires me to be online late at night local time. So I get to kill two birds with one stone :).
ForexWeeklyAnalysis
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I just manually closed at 0.8810 for +55pips, reason being is because EUR/USD just hit the 1.384X region. I may have overestimated the correlation in regards to my previous TP region. This exit may be premature (given the double wick scenario) but it's safer considering EUR/USD could tank from here.
ForexWeeklyAnalysis
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Looks like I jumped the gun a bit... if I had waited 5 minutes, I could've closed in my TP region for another 10-15 pips, oh well...
ForceFollower
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Don't worry, I closed it at .8810 as well. I think there's going to be another push down. I've just reloaded at .8805 looking to TP at .878.
ForceFollower
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OK. Failed. I get out and take a loss. And I take this pair off my watchlist.
ForexWeeklyAnalysis
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I may consider shorting this if it gets back up to the 0.886X region, risking a few pips up there considering I caught 55 pips the first time around.
ForexWeeklyAnalysis
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After taking a closer look, EUR/USD may bounce from 1.381X, if it does then USD/CHF may get rejected from 0.883X.