USDCHF LONG. Still in profit, looking to add a few lots.
My USDCHF LONG from 02.26.18 is panning out well as I'm sitting on +90 pips at the time of this writing. Ended last week with a Spinning Top on Friday, March 9, after breaking through the previous supply zone. That zone is now being retested and if if holds will become demand. Price is currently stalling around the 0.947 mark, which was also the HIGH for February. I'm currently ~60 or so pips from my take profit zone (Green Fib Ext Rectangle). If price breaks above last weeks high I'm looking to add an additional lot or two, bank profit on the current LONG and set my stops to break even.
One technical thing to keep in mind is that price could easily retrace to the bottom of the channel, which would also correspond to the Retracement Zone from the February low to the high last Friday. If that occurs, as per my custom I'll draw in a trendline in anticipation of a break above it. All of this depends, however, on how the Dollar performs against the majors. As I mentioned in my posts on the Dollar Index from last week, we've yet to have a trend change so all USD longs are are susceptible at the moment.
One technical thing to keep in mind is that price could easily retrace to the bottom of the channel, which would also correspond to the Retracement Zone from the February low to the high last Friday. If that occurs, as per my custom I'll draw in a trendline in anticipation of a break above it. All of this depends, however, on how the Dollar performs against the majors. As I mentioned in my posts on the Dollar Index from last week, we've yet to have a trend change so all USD longs are are susceptible at the moment.
