11 March 2010

Not posted for a few days as between the managed account and trading for Sigma my personal account hasn't really had a look in. Had some alone time with it this morning though and saw a nice opportunity on the GBP/CHF and thought it was worth a post.

Soooooooo.....

GBP/CHF

Seems to be a similar story accross the board after that big GBP sell off a week or so ago, things have been drifting a little sideways. I've marked out the range in the usual way on the 4Hr and am looking for the breakout or turn around at each extreme. Depending on how active you want to be there is also the potential to fib the range and look for price to turn around at some of those fib levels in the same way I showed before.
However looking at the lower time you can clearly see that a range has developed within my greater range so I've marked this off and would look for this to be my trade setup first. Due to the fact that this range is a little tighter I won't be trading the turn around or using the fib method either and will just wait for the straight break. I also won't go back to looking at that 4hr range untill the lower time frame breaks. I have also marked this out on the 15M chart.

Soo lets see what happens.....



GBP with a little get a little energy boost and pops out the range.

So to the lower time frame we go to try and get in on the action with an entry based on what price is doing.

                  

 The chart should show the entry clearly and now waiting for the trade to trigger or be void.                              


So the trade is still pending and there is some important swissy news out shorty. From my view I'm happy to trade through the news but there are others that would pull the order. For me I placed the trade over an hour before the news (which is my cut off point) so even though it hasn't triggered I'm going to let the order stand Unless it voids by my setup rules.

Swissy trade voided and off the table. Sorry for posting on a rubbish pair today but I wasn't to know that it wasn't going to move for me. Buuuuut the setup is still there. Due to the false break, range high is moved to breakout high.