CHF update

Good Morning Dynamic Traders

.. and what a beautiful morning it is. Spring has hopefully sprung! I love this time of year.. the daffodils are starting to come through and the harshness of winter starts to fade away.

Now on to a new month of trading. There were some questions last night on the Trading Room webinar about my 'Swissy' blog dated 4 Feb. So I thought I'd do an update on this today.

I was triggered into this trade 5 Feb based on the current minor uptrend and VI bob - showing bullishness. As mentioned at the time, 1.1000 was certainly a resistance level to be aware of but as part of my trading rules, there were still enough pips for a good risk-reward. I am now risk free on this trade after locking in 208 pips profit.

Although price isn't doing very much at the moment, it is making higher highs. We have a triangle formation so price will inevitably either break up, down or continue sideways. MACD is showing divergence, so we might see a pullback in price before any continued strength.

The VI is starting to curl up suggesting this could very well be a new uptrend as opposed to a FBO. However, buyers and sellers are fighting it out the moment, so if you're not in this trade wait patiently for the market to make it's next definitive move. If you are in this trade, manage it appropriately and don't start second guessing the markets. As Javid says, indicators are there just as a tip. Always remember - Plan your trade and trade your plan!

















Please carry out your own analysis and stick to your own trading rules and plan.

Abundant trading!
Sonia Molina

Swissy

Afternoon Dynamic Traders

The Swissy was also on my watchlist, as mentioned in Bijal's blog. Since breaking the VI price has been staying close to it and yesterday's candle also tagged previous R as S, giving the SM trader an additional confluence to place a long trade. ST has formed another false bar on top so odds are stacking up nicely. ESLT on the recent high should provide an additional protective layer should there be any market remorse.














There is adequate breathing space for price as the next R cluster is at 1,1000, providing a healthy 400 pip opportunity. Stops shouldn't be too tight, as price has just broken above the VI so there's always the possibility of a bull-bear struggle at least until the bulls are running!

As always please carry out your own analysis. Remember, it's NFP tomorrow so markets may make some unusual moves.

Great trading!
Sonia Molina