As you can see I booked 1000 Pips profit from this trade. I entered a long GBP/CHF at 176.12 which I found just after a large fall from the 2.00 area. I missed the short trade so I was not about to go short at such low levels. Given the massive movement I entered the long with good confidence that the price would hold above 1.75 - My hunch was correct yielding 1000 pips in profit.
Since I closed this trade and took some profit I'm now waiting patiently for another entry on the long side as I feel there is not as much profit potential on the short side.
Strategy: Long at or near most recent support line of 1.76 area - With the Pound so devalued it seems it is unfolding many good long trades. To short this pair I would use a tighter stop for any upside movement since the potential for upside losses is far greater than additional downward movements. I addition to my personal feeling on this pair take a look at the chart - we can see that the MACD is rebounding from highly oversold area and has a succession of higher lows on it's way back to the zero line.
Will wait for a better price closer to support of 1.75 area. If it does not touch or break that support area I will go long at the best possible price
Currently as of this writing the GBP/CHF price is 178.54 Pretty close to my target entry price.
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Whoa, 1000 pips. Do you think your approach could work with a micro / low deposit account? It looks like a good strategy, but i'm worried about margin calls on rollover rates.
ReplyDeleteI wonder if anything i just said makes sense, i'm a complete newb.
What you said about not scalping on ticks or minutes makes complete sense though.
What's your prediction on USD/CAD before the OPEC cut announcement on Dec. 17? When do you think would be a good time to go short on that pair?