Wednesday, February 29, 2012

29th Feb 2012 - update on USDCHF

My pending short was finally triggered this afternoon. At the moment price is meandering around support as you'd sort of expect. The last half dozen bars have formed a descending triangle so I feel it's only a matter of time before the bulls are defeated. As always, anything can happen.

I decided to move my TP much further along to 0.86150, a little short of the next support level. Because this is such a large R:R ratio, I've put in a trailing stop loss of around 75 pips.

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