Saturday 2 June 2012

CHFJPY placed for a long?

Friday's low test bar off the psychologically strong 80.000 round number which intersects with a decent 'soft' level of support in addition to divergences makes this look like a tantalising 'buy' . As we have the makings of an inverse head and shoulders on the hourly, we can potentially place our order long half way up the bar for a '50 fibb' entry, with stop below the low, for extra reward to risk...double in fact! An entry long at the break of the high will ensure a safer entry, although the reward is not as decent.

Daily:


Hourly:


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10 comments:

  1. Unknown2 June 2012 at 08:19

    Would you OCO this with a buy at the high of the day, just in case?

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  2. RobColville2 June 2012 at 08:25

    Hey Adam, hmmm, I do question the reward if I was to take the brteak of the high...but yes. I will OCO it. Damed if you do, damned if you don't sometimes!

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  3. James B2 June 2012 at 12:02

    This comment has been removed by the author.

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  4. James B2 June 2012 at 12:05

    Its interesting how it was almost to this day 2 years ago that it broke through that line to start its major move up and hasn't touch in a year (other then in Aug that year and Jan this year).

    Good find Rob, totally missed this one setting up :), looks good for a 50 fib entry, then play it by price action

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    Replies
    1. RobColville6 June 2012 at 12:07

      Hey James - absolutely...or you could even place an oco order with the second trade (also long) placed just above high of ltb sothat even if it doesnt retrace to the 50 fibbo level, you can still be in the trade without missing out.

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  5. PiersC5 June 2012 at 00:20

    I 50 Fibb'd this one, so was not triggered in :-( So to quote your quality MWMF - the water looks lovely, but it's too late to dive in. A good opportunity to practise my patience/psychology!

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    Replies
    1. RobColville6 June 2012 at 12:08

      lol, sure is...as with the above reply to James B's post - if you placed an OCO order you could take advantage of it if it breaks long without retraceing to the 50 fibbo

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  6. James B6 June 2012 at 11:23

    did however get in on the AUD/JPY bounce off resistence, when i saw the CHF one not triggering me in, the AUD has exploded away which is lovely, a modern day carry trade. :)

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  7. Nick D7 June 2012 at 02:04

    Hi Rob, I missed this one but I could not see the entry was at a 50 Fib level? Or is the target?

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