Deptrai, the USD/CHF is 1.3003 as I write this at 2:10am est (US). Good call on the USD/CHF. keep up the good picks
Thank you, quickturtle. We saw 1.3066 USDCHF high in the American market this morning. It is at times like this that I find it hard not to take profit. I am patiently waiting for EURUSD to break 1.1900. I wonder if there is such a thing as a quadruple bottom.
Finally, 1.1900 EURUSD broken in the early hours of the European market. Now trading at 1.1877/80. Key levels to look for are 1.1866 (7/5 low) and 1.1758 (4/25/04 weekly low). 1.1758 should be strong support. USDCHF now trading at 1.3069/74. I am floating a profit of 254 pips in 2 days. Strong resistance should be at 1.3227 (4/25/04 weekly high). From the very beginning of this trade, I planned on taking profit there. Can I do it?
USDCHF now trading at 1.2948/53 after hitting a high of 1.3076 in the European market. USDCHF came down to 1.2927 in the American market, 50% retracement of the move from 1.2776 to 1.3076. If it breaks below 1.2884, then I will have to close out my position. 1.2891 marks 61.8% retracement as well as a possible ABC correction where wave A = wave C. I attribute the selloff to Hurricane Wilma being upgraded to a category 5 storm as well as USDCHF being overbought. However, Hurricane Wilma is now expected to bypass key oil facilities in the Gulf of Mexico. I am happy to say that I have learned something from the traders on this board. One must not be like a 16 year old boy on a first date. In my 10 years in forex trading, I have never thought of it that way.
Bought Cable at 1.7830. 1.7815 has been holding as support since the open of the US market yesterday. Trendline support now at 1.7790.