Tuesday, January 24, 2012 — USD/CHF post from piptoring

by jennifer on January 24, 2012

I posted this on my public site at piptoring, so it’s a bit more vague, but I wanted to make sure you got it too.

 

Staying with the USD/CHF for awhile, I have another chart to share. Here are two simple trade ideas. The buy trade idea is a Combo setup with favor for the move from my favorite indicators.

It’s also the simplest support/resistance trading like you can find anywhere. Support/resistance lines are the simplest and most reliable lines you can put on your charts. It doesn’t have to be complicated to produce profitable trades.

1. Combo Trade setup to buy above the green line at 0.9308, for 30 pips, which is only 30 pips out of a range of 65.
2. Good indication of space and momentum from the MACD and the RSI.
3. Red line indicates a recent low.  A move below that support level would produce a sell trade for me with a profit target of 20 pips. Why only 20? I’m not comfortable trading against the Swiss National Bank. But if price is is strong enough to fall below that level, I have planned ahead to be ready to take a small bit of it.

Hope that helps if you’re looking at the USD/CHF today.

Have a wonderful day!

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