Who Wants to Buy EURCHF?

Published on Tuesday September 7th, 2010 at 07:29AM by dudleymuggins

Only a madman would want to go long on this currency pair. However, we are approaching a fresh demand zone on the 4 hr chart and the daily chart is showing a divergence on the MACD, so maybe time to get a quick 200 - 300 pips retracement. My trade idea is to go long at 1.2860. 1st Target only 170 pips to begin with at supply zone indicated around 1.3030. Final target 1.3110. Very risky, but as this is a fresh demand area, then I think we have possibilities. See you later guys, I have to get back to the asylum before I am missed.

13 comments

On Tuesday September 7th, 2010 at 10:08AM by ultimateebookstore - Like - 0 People

When things seem crazy and people think you are a madman is when you break from the herd. Stay mad all your profits are there. These next 3 weeks beginning with this week are historically bullish. I'm going long in this.
On Tuesday September 7th, 2010 at 10:21AM by dudleymuggins - Like - 0 People

Thanks Ultimate. I must say I feel privileged that you have gone with me on this. I entered too early as usual and had to withstand a 27 pips draw down, but now back to BE on it. I went with a larger than usual SL - 45 pips, I usually use around a 20 - 30 pip SL - to give it some breathing room. Hopefully it will play out, but 45 pips is not too big a deal.
On Tuesday September 7th, 2010 at 12:36PM by dudleymuggins - Like - 0 People

Unfortunately, I have been stopped out on this with a 45 pip loss. It was not the right time for this trade. Will look to see if it comes back.
On Tuesday September 7th, 2010 at 08:47PM by Willariza - Like - 0 People

Bummer! I don't think you're a madman,based on this trade, but it's really hard to catch a reversal with a tight stop.Personally, i don't even dare to look at this pair afraid of fall asleep bored, but I think I have a pretty solid buy signal on USd/Chf with an open target and ,frankly ,i think I'm a madman too but charts are telling me so.
Sometimes being fearless when everybody else is cautious pay off big time!
On Tuesday September 7th, 2010 at 10:18PM by kiloandstitch - Like - 0 People

Good luck! Who knows, SNB might suddenly intervene, haha :)
On Wednesday September 8th, 2010 at 06:00AM by dudleymuggins - Like - 0 People

Willariza, yes this was the ultimate in catching a falling knife. Really I should have waited until my call on shorting EURUSD had played out before thinking of a long on this, and then, only after I had seen a trend change pattern due to the fundemantal between the two currencies (swiss = strong, Euro = weak).

Kei C, I was actually hoping for a SNB intervention, but that may happen at 1.2700 now.
On Wednesday September 8th, 2010 at 08:04AM by dudleymuggins - Like - 0 People

Hey Ultimate, looks like your strategy of having big stop losses worked on this. I was able to scalp 20 pips when it broke above my demand zone. So it was not too damaging afterall.
On Wednesday September 8th, 2010 at 08:37AM by ultimateebookstore - Like - 0 People

Yeah still a ways to go though. And when I get tagged it's large though if I could figure out a way to play with small stops I would. The Swiss is normally strong vs US for much of September historically. It's highly likely I'm going to get tagged with the short term EUR-CHF. I still have lots going short in a larger time frame though.
On Thursday September 9th, 2010 at 09:19PM by dudleymuggins - Like - 0 People

This is a follow up on the Mad trade idea. Well the EURUSD trade has now played out and that is now at a demand level, but as we know, things are not too rosy for the Euro at the moment, but all the news is in the open, so, who knows where this pair will go next. Although I lost out on this trade, the idea was good, but the timing wrong. It actually moved up about 180 pips from the low and broke thru the area I had designated as demand. Anyway, I am going to go out on a limb and say we are going to see more upside and I have indicated where I think it will go (blue circle around 1.3080). Anyway, got to go now as some men in white coats are coming for me. Not sure if they will let me out after this.
On Friday September 10th, 2010 at 09:13AM by dudleymuggins - Like - 0 People

Well, the men in whitecoats have let me out for the weekend after deciding I may not be so mad afterall. Have a look at the chart and see how my prediction played out exactly from my last posting earlier today, and how price has bounced down from where I said it would go. Hey Mr Ultimate, I hope you have taken the 200 + pips that this trade has given you. I have to admit that your crazy SL placements works very well. Keep being crazy and may the pips be with you.
On Friday September 10th, 2010 at 10:05AM by Willariza - Like - 0 People

Beware of the men in white coats!haha Good call! I also entered USD/CHF 3 days earlier and it wasn't easy, the draw-down wasn't that much but just the fact that wasn't going anywhere drove me crazy.
On Friday September 10th, 2010 at 10:13AM by ultimateebookstore - Like - 0 People

I finally figured out that to see the comments I had to change and forward my email address. Not yet my target is 1.3227. Then after that I move the stops on the remaining lots. I also give up a lot of pips with my Hail Mary lots. I haven't been really good about getting these on the site. And the short term trade I spoke about earlier was the EUR-CAD I got tagged with.
On Friday September 10th, 2010 at 10:19AM by ultimateebookstore - Like - 0 People

Willariza been waiting for a bull move on the USD-CHF and I have been tagged a few times. Out of all the currencies I have the most issues with the Swiss.