Trade /
1m
tlacin
Placed Limit Order to buy 5 Gold - Aug 2017 Futures @ 1,255.0 Good Till Cancelled
Short term
Trade view /
06 September 2016 at 12:17 GMT
USDCHF looking toppy, downside likely
Instrument:
USDCHF
Price target:
Market price:
Background
Last Thursday was a bearish "outside day" in USDCHF as the recent rally promptly ran out of steam. We went into Friday's jobs numbers looking to see if this would be confirmed. The answer was "yes and no", but price action since then has encouraged me to think we will soon get confirmation and head lower.
In a bigger picture, this is basically a range trade, and the chart suggests USDCHF may have just hit the top end of the range and found sellers again.
Management and risk description
Place stop above 0.9820-27 initially. Move to a scratch once the first target is hit.
Parameters
Entry: Below 0.9800 (currently 0.9790)
Stop: Above 0.9830
Targets: 0.9740, 0.9660, 0.9580
Time horizon: 1-2 weeks
Last Thursday was a bearish "outside day" in USDCHF as the recent rally promptly ran out of steam. We went into Friday's jobs numbers looking to see if this would be confirmed. The answer was "yes and no", but price action since then has encouraged me to think we will soon get confirmation and head lower.
In a bigger picture, this is basically a range trade, and the chart suggests USDCHF may have just hit the top end of the range and found sellers again.
Management and risk description
Place stop above 0.9820-27 initially. Move to a scratch once the first target is hit.
Parameters
Entry: Below 0.9800 (currently 0.9790)
Stop: Above 0.9830
Targets: 0.9740, 0.9660, 0.9580
Time horizon: 1-2 weeks
USDCHF daily candlestick
Source: CQG Inc
USDCHF weekly bar chart
— Edited by John Acher
Non-independent investment research disclaimer applies. Read more
Source: CQG Inc
— Edited by John Acher
Non-independent investment research disclaimer applies. Read more
06 September
First target hit so we can now move the stop to entry on the balance as per the commentary.
08 September
The second target on this trade (0.9660) has been HIT now. Please move the stop on the remaining balance to 0.9720.
09 September
Stopped for profit on the balance so a net 80-odd tick gain.