I also put in a short trade on the CHFJPY with a trailing 50 point stop loss. The market hit a double bottom at 100.18 and has bounced up to hit the 61.8% Fibonacci level. The stochastics have also crossed towards the downside. All looks good you may say.. however, I am not 100% confident of this trade for the following reasons:

• The stochastics crossed at the 60 level. A clean cross should happen either above 80 and move downwards or below 20 and move upwards
• Very strong upwards momentum

Anyway, I have committed myself so I’ll just have to ride it and see… this market is very volatile so I could make a good profit of get stopped out for 50!

Tags: 61.8 fibonacci, chfjpy, day trade, daytrading, double bottom, fib levels, fibonacci level, forex, makemesomemoney, position trading, Spreadbetting, stochastics, technical analysis, Trading, trading system, trailing stop