short @ 1.2165 based on daily chart. stop area around 1.2248; limit area around 1.2000. like my aud/jpy trade from yesterday i believe there is a hint of further downward follow through on this. worst case scenario, it will bounce off of 1.2100 area support showing a inability to go down any further...in which case i would cover my position at a small gain/loss and call it a day.
ouch, no dice on my last usdchf short...got stopped out. right now with the market moving in big and mysterious ways i'm staying on the sideline until the dust settles. i want to see some sort of rhythm develop again before i start getting back in.
based on daily chart - short @ 1.2216; stop @ 1.2270 area, limit @ 1.2100 area looking for a follow through of selling to crack through 1.2150 area...this is the biggest hurdle this trade has to clear if it's going to work. keep in mind NFP is this Friday so take this trade is not for the timid because of the USD exposure.
got stopped out of this one yesterday. i haven't had much luck with it the past couple of weeks. oh well.
i'm in the fray again with this pair. this is a late post (i forgot that i didn't post after taking the trade). nevertheless, the pair is trading at a higher price now relative to where i shorted. short @ 1.2144; stop in 1.2250 area, limit n 1.1935 area. if the daily sets up for me creating another entry signal then i will add to my position. the immediate hurdle that this will need to get over in order to reach my limit is the 1.2050 area which, represents mild support. once price heads down there i will be willing to cover the position if it shows any difficulty in breaking down further.
nope, no go...i covered this position @ 1.2227. i'm not going to wait for it to hit my stop. today's price action was completely out of line with what i was expecting in order for this trade to work out. i saved my self some money so that i can spend it on the next trade...haha.