7.23 Monday

EUR/CHF 4hr chart


Remembered what I said last July 12?

I said, "If price bounce off the lower channel on 4hr chart, I'll go for a long hedge (depende on indicators), Then from there... I'll open a long hedge positions with TP on the upper channel". Thats what I did, when the Stoch and CCI crossed above their oversold lines (see the 1hr chart below). But I didn't wait for the price to reach the upper channel to close the long hedge positions, I close it too early. Because price start to lose stream. second, the Stoch & CCI starts to curve down. Third, the average daily range of EUR/CHF is only 40-50pips, and price already rallied 65pips from 1.6586 to 1.6651. So I decided to bag the profit of the day.

I hope all of you have applied the lesson about channels I post during the weekend.



I wasn't expecting such a high volatility from EUR/CHF on a monday. Specially when there was only one economic news release today, the ECB Vice President Papademos Speech.

Today's trade is the best single trade ever since we started our PMTFC cycle2. I nearly surpass the whole gain I got last week, and yet we are only on the first day of the week. So I'm expecting a better if not the best week for PMTFC account.

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5pm EST- EUR/CHF reverse after nearly making a new record high at 1.6664, just 7pips short to this year highest high of 1.6671. It is down trending right now. Levels to watch out for are the 1.6632 and 1.6623, these are the 38.2 and 50 fib of the latest swing of 1.6581 LO to 1.6664 HI. On the 38.2 fib, there lays a confluence of lower ATR and a minor trendline.

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I like to take this opportunity to thank Lorie for helping me edit the Limited Power Of Attoney (LPOA) forms. I might add another account to manage starting next month. Wish me luck.