Friday, November 25, 2016

Daily Trade - 24 Nov 2016

I went long on the GBPCHF. Price just broke through a short-term resistance level, and produced a solid engulfing candle pattern. 

(click to enlarge)

Retail sentiment is mostly bullish, though (63%).

I don't like trading WITH retail sentiment as they're usually wrong, but the technicals for a long position line up very well, so I'm taking the trade, but with reduced risk (0.75% instead of 1% that I normally trade).

Upcoming events:

Nov 28 Monday - ECB speech regarding Brexit. Potential for significant impact, although it'll be the politicians, and not the central banks, that'll determine the nature of Brexit. Bank of England has already released its post-Brexit economic forecast, which is very bullish. I'll stay in the trade during this event.
2 Dec Friday - NFP. Last one for the year, but generally doesn't move the GBPCHF much. Will stay in the trade unless very close to profit target.

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