29/09/2010
Loss : USD/CHF stopped out this morning. We experienced another leg down just to break 0.9740 support and the price spiked back up in predicted direction. At the moment it is trading 0.9835, our tp1 level. As we mentioned earlier we still favor swissy to move up mid term so we will watch is closely to re-enter the long position at first better opportunity.
Comment: Trade filled before opening the european session. 1h chart at the time showed us perfect upward momentum but it faded during asian session. Major trendline from high 09/17 held once more. The price with low momentum bounced back from trendline with stronger morning london momentum to re-test the support.
Lesson for the future: Respect long term trendline, consider leading indicators over the lagging.
Look to re-enter as bull trend established
Best Regards,
http://www.forexmoneysignal.com/.
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