So is the USDCHF going up or going down? What you see here in this chart is the Daily Time Frame and personally I like the way it looks for the Bulls. Price is above 20 Day SMA and the momentum is pointing up. The current price action is also suggesting that there might just be enough Bull power to take this price higher. The chart below is analyzed using the Elite Swing Trading System.
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So here’s how we will take on this trade.
- Instant Buy Order: 0.99700
- Stop Loss: 0.98900
- Take Profit: 1.00300
Since the price is on the upward move, we will enter into a Buy at Market order at 0.99700. And we will take the next support of 0.98900 as our stop loss. Take profit at 1.00300. Some times, we will win and sometimes we will lose. The most important thing to note from a trading system is that over a decent sample of trades, we will come out with a profit. This is why no matter how good a trading system is, we will still need our protective stops to be in place. It will be silly to judge a trading system on a small sample size.
With that said… good luck on this. Leave your comments below.
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