Trade the Markets Newsletter
by Trader Rich
Here is today’s Trade the Markets Newsletter:
The currency markets have been consolidating today with some obvious trends in place as the dollar index pushes its way higher. Cable short looks great but the play I’m taking is going long USDCHF at these levels (1.3170) and long USDJPY at these levels (117.38). For scalp trades you can use a 30 pip stop with targets at 3192-3212 on usdchf and targets of 117.80 on usdjpy. I’m looking at a longer term trade (a few days) and will be starting out with a 60 pip stop and targets of 1.3230 and 118.30 respectively.
Well, following the USD/CHF reccomendation would have led to a disasterous 100+ pip loss (or 30 with the stop). 30-pip stop??
The USD/JPY advice was better, giving a 32 pip profit if the stated target was followed, perhaps up to 55-58 pips if the profits were allowed to run with a trailing stop or by watching MA’s or indicators such as the CCI.
I noticed that as well. Just goes to show that if your going to lose, it’s better if it was because of you and not someone else’s advice.
Well, following the USD/CHF reccomendation would have led to a disasterous 100+ pip loss (or 30 with the stop). 30-pip stop??
The USD/JPY advice was better, giving a 32 pip profit if the stated target was followed, perhaps up to 55-58 pips if the profits were allowed to run with a trailing stop or by watching MA’s or indicators such as the CCI.
I noticed that as well. Just goes to show that if your going to lose, it’s better if it was because of you and not someone else’s advice.