Forex Forum @ ForexAbode

[Himanshu]

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:
Entry: 0.8437
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:
Entry: 0.8290
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):

[Himanshu]

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.

[Himanshu]

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

[Himanshu]

Followup on the above USD/CHF position:

Both Stop-loss and Take profit target moved upwards (Daily chart):



What it looks like on hourly chart:

[Himanshu]

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.

Daily Chart:



Hourly Chart:

[Himanshu]

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.

Daily chart:

[Himanshu]

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]

[Himanshu]

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.

Daily Charts:

[Himanshu]

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.

[Himanshu]

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.