New Trade on USD/CHF (Still Waiting on AUD/USD) – March 11, 2013

AUDUSD had the Long Wicked Candle we were looking for, but it’s still not giving us a clear reversal sign.

Also, I don’t like the way the price keeps giving us higher highs and higher lows. This could be the death of the downtrend, since it’s satisfying all 3 of our criteria for predicting when a trend will end.

If you don’t remember how to spot the end of a trend take a look at the Predicting Trend Changes lesson in the Smart Money Forex Method course.

It could still be a good trade, though, just a bit more risky than I’d hoped for. But IF we do get a reversal signal it could still be a valid trade, depending on the Risk:Reward ratio.

Here’s the good news! A trade on USD/CHF snuck up on us, and I’ve gone long on that pair based on a nice Long Wicked Candle bouncing off a S&R zone and bouncing near a short-term trendline.

Price is holding steady so you can still get in on this trade!

120311 - usdchfh4

Here are my numbers:

Entry: 0.9493
Stoploss: 0.9457
Profit Target: 0.9548

I’ve picked such a conservative area as a profit target because the upper S&R line hasn’t been broken since Sept. of last year, so there’s likely going to be some very strong resistance there. I’m about to go to sleep and may need to exit automatically, but if you’re watching your charts you’ll want to go by price action. If price blasts through it might take off like a rocket, but don’t count on it!

If you can watch it, great! If not get out with a pending order a few pips below the S&R line.

Phil

By |2015-11-05T22:20:19+00:00March 12th, 2013|Live Trades, Phil's Forex Blog|1 Comment
  • haviv hel levy adler dudaei says:

    Phil: You have a great spirit not many people would do what you do.

    God bless you.

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