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Saturday, September 16, 2006

Forex Trade Review for 09/15/06

Long trade triggered:

Lot 1: -20 pips
Lot 2: -20 pips
Total: -40 pips

Short trade triggered:

Lot 1: +40 pips
Lot 2: +90 pips
Total: +130 pips

Day Total: +90 pips

Since I usually do shorter term trades here and on BabyPips.com, I'd like to flex my longer term trading muscle, and post some daily charts and longer term trade ideas here. Here's a chart pattern that i've been watching for a while on USD/CHF:

From this chart, we can see that USD/CHF has been in a range in between 1.2200 and 1.2550 since the beginning of July. The recent run in the USD against the Swiss Franc has brought the pair back to the top of the range, and may have created a nice selling opportunity. I also have technical indicators showing a possible buyer exhaustion. The Stochastic indicator is showing possible oversold conditions, and at the top of the chart we see the pair bouncing off the 200 SMA - a very strong resistance area. So, here's a short trade idea with a 2:1 reward to risk ratio:

Short USD/CHF at 1.2500, stop at 1.2600, pt1 at 1.2400, pt2 at 1.2200

Now, if the pair started to close above the range, we could possibly see a nice move to the upside. I will up date it this does situation plays out

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