USD/CHF... - Page 2

Good luck on your plan. As for finding exits--its better to exit with a profit then no profit at all. Point being with Forex is that consistant small PIP/profit targets vs larger sporadic PIP targets will lead to your success. When you sit down to eat a steak you don't put one end in your mouth and start chewing--you cut off small bits at a time..and you then enjoy it more and accomplish the same goal....only without gagging... A lot of forex traders try to eat the whole cow in one bite... Successes of 10-30 pips per day--or even per week, can be a great accompishment over the long term...

Typically I use Pivots and Fibonacci's for my exit areas....but when in doubt good ole Support and Resistance is always there for ya... If you need help with finding your exits I am always willing to help folks work something out to improve their methods...

-w

Its good to learn the system you have and when it will work...as there is no one system that works 100% of the time. For example--My main News trading system has been off-kilter as well the past couple of weeks...but it will figure itself out--it always does.. I have been watching more then trading lately. But learning how to identify the market conditions for your system is a vital element to any system you trade and allows you to explore alternatives for times like this. Sounds like you are on the right track in developing a methodology and rules..

Everything and everyone is a bit nutz tryin to interpret the Fed decisions and what is going on....News has been a lot more volitile and quirky lately then normal...and its been very whippy. The EURO/London sessions overnite have been more stable and reliable then NY lately it seems... Sometimes when I find my system not working at its regular times--I will look at other times and see how it does there in backtest.. May want to look at a different trading time too while you figure out things....


JMO..GLTA.
-w

Been rising nice as ya said. Strong ascending triangle on the 4hr chart with negative divergence on the MACD...so that is a very nice set up to watch. Stochastics are middle grounded, but crossed for a down move. 1.2535/50 area has been a very strong resistance point. I would wait for a break and close above the resistance...or a drop and close about 20 pips below the triangle support before thinking of a trade....IMO....

With NFP friday tomorrow--a break should hopefully happen one way or the other...and I'm thinking a hard dollar down move is coming in the near future. USD/CHF probably wouldn't be the only pair to play for a majorly HUGE move tho--I'd look at the GBP/USD for probably one of the best moves as its in a nice set up area.. Especially given most of the CHF's news this week has been worse then forecast.. But CHF has an Unemployment report due out tonite around 1:30-2am EST which is worth a watch for us night owls.....but with the NFP tomorrow morning things should be pretty blah til the morning.

The NFP has routinely been worse then forecast...and the forecast is around 120... I'm feelin the actual report will be worse in the 105 range based on the ISP and some other reports... But the econ reports this month while still at dismal dollar poor lows(and oil popping back over $60/brrl) have a lot of the market reacting as if life is all peachy wonderful and the dollar has been rallying a lot.. This kind of opposite behavior happens a lot but is not a long lived thing tho...tomorrow's NFP should and could kick things around good...

Dunno about the rest of ya, but I'm gonna sit and watch til after the report is done shaking things up and see if there is anything solid to trade after the dust settles...

Take your dramamine...its NFP Friday...GLTA...

-w

If ya took the break over the resistance area and went long--you banked about +60 pips--but IMO take your profit and run before it stalls and/or retraces.. Monday is a 'holiday' of sorts--things should fizzle out from the NFP report very very soon and go flat as market folks will take the weekend to digest the numbers...IMO.

-w