07/08/14 – This has been the sixth attempt at this resistance level for this USDCHF currency pair and I have decided to close the position as every night I carry over this trade I incur charges. I do not see the point of incurring charges for the pair to just keep hitting this ceiling then retreating towards my entry point and it is wise to release the margin on my account for a trade that has more momentum. It still amazes me sometimes that these resistance levels can be so strong as in effect these are levels drawn on charts by lots of different software programs for thousands of traders around the world and they affect decisions these traders make! I have taken 0.8% profit on my trading account balance for this USDCHF Long trade on a Daily Chart. Chart as Below
29/07/14 – This USDCHF long trade on a Daily Chart has triggered today after a steady 3 day climb to this level. This trade could potentially be on for a couple of week so I must keep an eye on the momentum and movement as I get charged to carry over the position each night and I don’t want to keep getting charged if the pair becomes range bound. I would rather exit and re-enter on a shorter time frame if this happens. Both the setup and entry are on the same chart below.
24/07/14 – The first Blue XTL bar has formed on this Daily chart for USDCHF and it is average or smaller than the preceding 20 bars. The entry point is calculated by dding 50% of the length of this first blue XTL bar to it high the entry point for the Stop Buy Order is @ 0.90533 The Stop Loss is calculated the same way but in reverse and dropped down from the low of the same bar, giving a Stop loss in this case @ 0.89910. The initial take profit limit order is set @ 0.91518 which is at my minimum profit take level. As Below