Going Long USDCHF

USDCHF Weekly chart

I just went long on the USDCHF pair…  if you click on the picture above, you can see it more clearly. The price has now hit a support line which was a strong base at the beginning of the year. The price had hit this year on a couple of occasions and it’s worth a punt!

The negative aspects of the trade is that the price is looking a tad weak and we have gone long as the market is trending lower so we are indeed trading this as a countertrend play.

However, the risk is low.. 30 pips with a target of around 100 pips. I’d be happy if I got 9200 on this one. However, as with these things.. I’ll have to see what happens.. if it does shoot up and momentum then stops, I’d look at getting out.

Someone once said to me that you should only trade ‘danger’ points.. a danger point being an area where you expect something to happen.. ie a support or resistance line.  You will know whether you’re right or wrong about your trade rather quickly!

The chart above is the Weekly chart.. it was more clear to see the support line on the weekly as it last touched a good 9 months ago.

Did you like this? Share it:

Tags: , , , ,

Category: Forex trader, Forex trading, Trading