Make Me Some Money » 61.8 fibonacci http://www.makemesomemoney.co.uk Adventures in Money Making! Fri, 23 Jul 2010 20:40:11 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 My other trade today – short CHFJPY – not a clean signal, let’s see what happens! http://www.makemesomemoney.co.uk/2008/06/02/my-other-trade-today-short-chfjpy-not-a-clean-signal-lets-see-what-happens/ http://www.makemesomemoney.co.uk/2008/06/02/my-other-trade-today-short-chfjpy-not-a-clean-signal-lets-see-what-happens/#comments Mon, 02 Jun 2008 20:00:19 +0000 admin http://www.makemesomemoney.co.uk/2008/06/02/my-other-trade-today-short-chfjpy-not-a-clean-signal-lets-see-what-happens/ 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!

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