Forex Forum to Share, Discuss, Communicate and Trade Forex
Please share any observations which can lead to a surer or bigger market movement. Sometimes there are signs for a possible major move but we may miss to notice those. This sub-forum is for such signs. Please contribute to bring up the best.
The pair is in one of the patterns which is one of my favorite patterns described in a strategy on the winning strategy page. And this has been reaaly scoring some big pips.
What I doing right now is as follows (Current Price = 0.8356):
1) Limit buy order:
Stop-Loss: Near 0.8360 (may change a few pips here and there later)
Take-Profit target: 0.8507
Possible Loss = -77 pips
Possible Gain = +70 Pips (Bad risk-reward ratio but that can't be helped in this formula strategy)
2) Limit Short-Selling Order:
Stop-Loss: 0.8350 (may change a few pips here and there later)
Take-Profit target: 0.8090
Possible Loss = -60 pips
Possible Gain = +200 Pips
Daily Chart (USD/CHF):
As mentioned above, our limit order on the buying side was filled. The screen shot is with the entry, take-profit and stop-loss as mentioned in the above post. The screen-shot also shows the limit order on short-selling side as mentioned above and we will not be taking it away.
Follow up on the above trade. I readjusted the stop-loss and had moved a bit down first and then moved it up again. The following are the screen shots. The limit short-selling order is at the same place as of now.
SL moved domwn temporarily
SL Moved up again
Followup on the above position:
The take-profit target me. Please see the exact level where after meeting the profit target the currency pair met with resistance and started moving sideways.
As it has been happening for some months, USD/CHF found resistance near 55-day EMA. It tried to reach that level for past 4 trading days but failed and dropped below 5-day EMA and now at 22-day EMA level support level. Somehow I like to have an eye on these three EMA levels.
Since middle of March USD/CHF has been moving in a very predictable way. One upward correction takes it near 22-day EMA and a fall takes place, then next upward correction takes it near 55-day EMA and another fall takes place. And inbetween it gets resistance at 5-day EMA level. Please check the daily chart. The current pricehas moved up to 5-day EMA and for past 8 trading days the 5-day EMA has been working as resistance level. Either a fall from here should take place and that is what i expect. If this resistance is broken then 22-day EMA should cause a fall.
USD/CHF Daily Chart[/b][/color]
Well, USD/CHF found resistance at 5-day EMA and moved down. Fall without parachute.
After being above the 5-day EMA for 6 days, usd/chf tried to break below the resistance of 5-day EMA 2 days back but jumped up and closed well above it. Yesterday it again tried and closed at 5-day EMA. Today it went below it again. Isn't that a good sign that we should expect more downward correction? I am certainly expecting and am on short side.
USD/CHF moved to 0.8650 as mentioned above. Now I am expecting some upward correction towards 0.8750/0.8760 or little more and then some more downward move and have limit short orders.
Who is online on Forum
Registered users: Baidu [Spider], Bing [Bot], Exabot [Bot], Google [Bot], Habib Wahid, Yahoo [Bot]