USD/CHF Mid Term 29 Oct 2009

FibMaster — Fri, 30 Oct 2009 23:41:30 +0000

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Originally posted by “Kim”; Wed Oct 28, 2009 10:12 pm

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Hi Lifesong,

The USDCHF weekly TRSI is in down trend and the significant support will be at @1.0000. The daily SK resistance @1.0290 is also a long term downward trend line touch. 4hrly TRSI is in overbought level (70) with the bearish shooting star candle formed. I enter short @1.0260, stop loss just above the SK resistance @1.0320. The target is around 1.0050 (the last low). Pls comment!

Regards,
Kim

Originally posted by “FibMaster”; Thu Oct 29, 2009 4:30 am

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Good morning Kim,

Looks like a good setup. Your entry is a bit early, but could work. Still rallying on 60 minute (HHHL).

First test is support at 1.0230 then 1.0200 and then it looks better below that.

60 min chart attached.

Originally posted by “Kim”; Thu Oct 29, 2009 6:07 am

Hi Neal,

Thanks for the comment. Now the price has broken down the 1.0230 with good thrust toward the 1.0200 support. I will exit the trade if the price doesn’t break the 1.0193 swing low – which will change the price action from HH HL to the 1st LL.

Regards,
Kim

Originally posted by “FibMaster”; Thu Oct 29, 2009 6:11 pm

Good work Kim, you’re doing great!

You’re sitting happy right now.. Nice drop and your aggressive entry paid off.

I don’t want to interrupt your strategy. Per the live chat yesterday, if you’re itching to get out, consider a partial instead of total exit? Make sure your stop is better then break-even for the rest. But only if you have that same urgency to exit as you had in a prior trade.

I see some resistance at 1.02 approx, if it rallies above that, perhaps exit at the end of the next dip (HL)? This depends on your personality, if you can take the stress of giving it room, and if you can monitor the trade while it tests you..

Of course, if it just continues down, big smiles!

Originally posted by “FibMaster”; Thu Oct 29, 2009 6:22 pm

I added some detail in tonight’s DFC video recording, so listen to it, will mail it out in the next hour or less…

Originally posted by “Kim”; Thu Oct 29, 2009 7:38 pm

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Hi Neal,

Thanks! I’m still in this trade. I have moved my SL to 1.0250 (BE) and set the 1st target @1.0135 – the SK support of FE261.8 and Fib 61.8 SK(see 4hrly chart) and 2nd target at the last swing low @1.0050.

Regards,
Kim

Originally posted by “FibMaster”; Fri Oct 30, 2009 4:33 am

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USDCHF is in a consolidation. No HHHL so not rallying at this time. If it were rallying, you would want to exit on a swing low, before hitting your stop (30 min chart).

These stalls can be frustrating unless you are accustomed to higher time-frames, or uncomfortable risking some profits for further gain.

If it’s too frustrating/painful, the traders can exit the consolidation and re-enter if there is a break in the future, or at a rally to SK resistance.

30 min chart attached.

Originally posted by “Kim”; Fri Oct 30, 2009 5:15 am

FibMaster wrote: If it’s too frustrating/painful, the traders can exit the consolidation and re-enter if there is a break in the future, or at a rally to SK resistance.
If it’s too frustrating/painful, the traders can exit the consolidation and re-enter if there is a break in the future, or at a rally to SK resistance..

Hi Neal,

To ease the frustration, I took half the profit @1.0180 (+80pips) and moved my SL @1.0240 and was stopped out. Net 60pips profit!

I will watch closely for the next possible SHORTING trade setup if it reaches the prior resistance @1.0290 area.

Regards,
Kim

Originally posted by “FibMaster”; Fri Oct 30, 2009 5:17 am

OK Good move. That last whip was severe and fast! right up to the .618

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USD/CHF Mid Term 29 Oct 2009