USD/CHF Trade Plans Discussion

[Ricky Tse]

Hi,

Using Joe's trade alert from May 4 evening, here are my trade plans for May 5, 2009:

Plan A: Buy Break of 1.1306 and clear 1.1336

Currency Pair: USD/CHF
Entry: 1.1306 Buy
SL: 1.1281 25 pips Standard
T1: 1.1336 30 pips 1.1336 ST CTR
T2: 1.1350 44 pips Watch for bounce at 1.1350/1.1377
BE+1: 1.1307
R/R ratio: 1.76 to 1
(gravy train) (monthly goal)

Plan B: Sell Break of 1.1251 and clear 1.1233

Currency Pair: USD/CHF
Entry: 1.1251 Sell 1.1251 ST21 Lo
SL: 1.1271 20 pips Maintain 1 to 1 R/R ratio
T1: 1.1233 18 pips 1.1233 Key
T2: 1.1191 60 pips 1.1187 Key
BE+1: 1.1250
R/R ratio: 3 to 1
(gravy train) (monthly goal)

Plan C: Watch bounce at 1.1230/1.1200 and 1.1350/1.1377

Currency Pair: USD/CHF
Entry: 1.1230 Buy
SL: 1.1205 25 pips Standard
T1: 1.1260 30 pips 1 to 1
T2: 1.1280 50 pips 1.1288 Bias
BE+1: 1.1231
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Currency Pair: USD/CHF
Entry: 1.1350 Sell
SL: 1.1380 30 pips 1.1369 May 4, 2009 PP; 1.1377 suggested bounce area
T1: 1.1315 35 pips 1.1311 PP
T2: 1.1290 60 pips 1.1288 Bias
BE+1: 1.1349
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Please comment.

Thanks,
Ricky - E, P, S, Y

[Ricky Tse]

I have attached a screenshot of price action for USD/CHF on May 05, 2009.

[Ricky Tse]

Here are my plans working off Joe's trade alert:


Plan A: Buy Break of 1.1404 and clear 1.1434
Currency Pair: USD/CHF
Entry: 1.1404 Buy 1.1404 Key
SL: 1.1374 30 pips -- 2 pips below 1.1376 R1
T1: 1.1434 30 pips -- 1.1432 SM Hi
T2: 1.1464 60 pips -- 9 pips pass 1.1453 Bias
BE+1: 1.1405
R/R ratio: 2 to 1
(gravy train) (monthly goal)


Plan B: Sell Break of 1.1288 and clear 1.1243
Currency Pair: USD/CHF
Entry: 1.1288 Sell 1.1288 Bias
SL: 1.1313 25 pips -- 1.1313 Pivot; 1.1302 ST CTR; 1.1300 SM Lo
T1: 1.1248 40 pips -- 5 pips above 1.1243 ST21 Lo
T2: 1.1238 50 pips -- 5 pips above 1.1233 Key
BE+1: 1.1287
R/R ratio: 2 to 1
(gravy train) (monthly goal)


Plan C: Watch bounces near 1.1255/1.1225 and then BUY 1.1288 and clear 1.1338
Currency Pair: USD/CHF
Entry: 1.1288 Buy 1.1288 Bias
SL: 1.1263 25 pips -- Standard
T1: 1.1313 25 pips -- 1 to 1; 1.1313 PP
T2: 1.1338 50 pips -- clear 1.1338
BE+1: 1.1289
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Plan D: if pair breaks 1.1400 and does not reach 1.1434 then sell break of 1.1395 and clear 1.1365
Currency Pair: USD/CHF
Entry: 1.1395 Sell
SL: 1.1420 25 pips -- 3 pips above potential high 1.1417 where it may get bounced down
T1: 1.1365 30 pips -- 5 pips above 1.1360 ST21 Hi
T2: 1.1345 50 pips -- 10 pips below 1.1355 recent support/resistance line
BE+1: 1.1394
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Please comment.

Thanks,
Ricky - E, P, S, Y

[Ricky Tse]

I notice that the compressed channel says 1.1306 to 1.1288 and I think it is a typo. It should be 1.1360 to 1.1288 as I find that 1.1355 has been holding up good as a resistance number for the last 24 hour session.

Here are my trade plans for USD/CHF based on Joe's trade alert. They are the same as the day before except I have checked the "Compacting & Compressing The Channels" report to see if there are new levels I should be aware of. Please comment. :-)

Plan A: Buy Break of 1.1404 and clear 1.1434

Currency Pair: USD/CHF
Entry: 1.1404 Buy 1.1404 Key
SL: 1.1374 30 pips -- 4 pips above 1.1370 R1
T1: 1.1434 30 pips -- 1.1434 - a number to clear
T2: 1.1464 60 pips -- 9 pips pass 1.1453 Bias
BE+1: 1.1405
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Plan B: Sell Break of 1.1288 and clear 1.1243

Currency Pair: USD/CHF
Entry: 1.1288 Sell 1.1288 Bias
SL: 1.1313 25 pips -- 6 pips above 1.1307 M2
T1: 1.1248 40 pips -- 5 pips above 1.1243 ST21 Lo
T2: 1.1238 50 pips -- 5 pips above 1.1233 Key
BE+1: 1.1287
R/R ratio: 2 to 1
(gravy train) (monthly goal)

I also plan to play bounces between 1.1360/69 and 1.1308/26 ahead of the major news announcement for interest rate decision from EUR and GBP.

Thanks,
Ricky - E, P, S, Y

[Ricky Tse]

Using Joe's report, here was my trade plan for USD/CHF on May 8, 2009. Please comment.

Plan A: Buy Break of 1.1404 and clear 1.1434
Not Triggered
Currency Pair: USD/CHF
Entry: 1.1404 Buy 1.1404 Key
SL: 1.1374 30 pips -- 1 to 1 R/R
T1: 1.1434 30 pips -- 1.1434 - a number to clear
T2: 1.1464 60 pips -- 9 pips pass 1.1453 Bias
BE+1: 1.1405
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Plan B: Sell Break of 1.1288 and clear 1.1243
4 entries; 1 huge win
Currency Pair: USD/CHF
Entry: 1.1288 Sell 1.1288 Bias
SL: 1.1328 40 pips -- 3 pips above 1.1325 PP
T1: 1.1248 40 pips -- 5 pips above 1.1243 SM Lo
T2: 1.1238 50 pips -- 5 pips above 1.1233 Key
BE+1: 1.1287
R/R ratio: 1.25 to 1
(gravy train) (monthly goal)

Thanks,
Ricky - E, P, S, Y

[Ricky Tse]

Based on Joe's trade alerts, here's my trade plans for USD/CHF on May 11, 2009. Please comment.

Plan A: Buy Break of 1.1115 and clear 1.1145

Currency Pair: USD/CHF
Entry: 1.1115 Buy 1.1115 Bias
SL: 1.1085 30 pips -- 1 to 1 R/R
T1: 1.1145 30 pips -- 1 pip below 1.1146 PP
T2: 1.1190 75 pips -- 2 pips below 1.1192; 5 pips below 1.1195 M3
BE+1: 1.1116
R/R ratio: 2.5 to 1
(gravy train) (monthly goal)

Plan B: Sell Break of 1.0990 and clear 1.0960

Currency Pair: USD/CHF
Entry: 1.0990 Sell
SL: 1.1015 25 pips -- 1 to 1 R/R
T1: 1.0965 25 pips -- 5 pips above 1.0960 - a number to be cleared
T2: 1.0940 50 pips -- 4 pips below 1.0944 Key
BE+1: 1.0989
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Thanks,
Ricky - E, P, S, Y

Update: Both plans were not triggered due to USD/CHF in a very tight range after Friday's huge move down.

[Ricky Tse]

Here's my trade plan for USD/CHF working off Joe's alert.

Plan A: Buy Break of 1.1115 and clear 1.1145

Currency Pair: USD/CHF
Entry: 1.1115 Buy -- 1.1115 Bias
SL: 1.1090 25 pips -- 8 pips below 1.1098 M3
T1: 1.1140 25 pips -- 2 pips below 1.1142 M4
T2: 1.1190 75 pips -- 3 pips above 1.1187 Key
BE+1: 1.1116
R/R ratio: 3 to 1
(gravy train) (monthly goal)

Please comment.

Thanks,
Ricky - E, P, S, Y

[Ricky Tse]

I took a short break for the last few days from trading but here's what I have for USD/CHF based on Joe's recommendation for May 15. It's been the same plan through out the week except I check the compacting and compressing channel report to see what I may run into for support and resistance numbers.

Plan A: Buy Break of 1.1115 and clear 1.1145

Currency Pair: USD/CHF
Entry: 1.1115 Buy -- 1.1115 Bias
SL: 1.1090 25 pips -- Standard 25 pips S/L
T1: 1.1140 25 pips -- 5 pips below 1.1145 - a number to be cleared
T2: 1.1190 75 pips -- 3 pips above 1.1187 Key
BE+1: 1.1116
R/R ratio: 3 to 1
(gravy train) (monthly goal)

Thanks,
Ricky - E, P, S, Y

[dcantin]

Pair I stalk E/U
Plan for U/CHF
Buy 1.1115
SL 1.1065
TP1 1.1140
TP2 1.1165
GT
BE+1= 1.1116
R:R 1:1
Last night I was stopped out on all 3 lots.

Sell 1.1025
SL 1.1075
TP1 1.100
TP2 1.0975
GT
BE+1= 1.1024
R:R 1:1

Last night I hit TP1 and TP2 and I just got stopped out of GT and BE+1.

My new plan is to place a
sell at 1.0976 SML low
SL 1.1026
TP1 1.0951
TP2 1.0926
GT
BE+1=1.1025
R:r 1:1

I will also put in another buy trade for
buy 1.1115
SL 1.1065
TP1 1.1140
TP2 1.1165
GT
Be+1=1.1116
R:R1:1

Joe does it make sense for me to be making the same orders or should I be changing them based on the key and bias numbers?
Thanks
Denise

[ForexJoe]

Joe does it make sense for me to be making the same orders or should I be changing them based on the key and bias numbers?
Thanks
Denise



Denise,

You are awesome and living proof of staying course produces results - positive results

I suggest you test both ways on executing trades

When LIVE in markets use Bias and Keys as another tool of substance in current market conditions

You will become more confident Denise as months pass, look at your growth is this short period of time (awesome)

Use Bias and Keys as extra tools LIVE in markets and seek certain numbers like
1.3728 in EUR/USD where your attention is demanded due to power of that area for that specific currency

Every currency pair has certain areas. Only the patient wait to attack and generate pips.

[Ricky Tse]

Based on Joe's report, I have set up entry orders for the following and plan A has just triggered in Asian session (May 26, 2009 10:24 p.m. EST). Will post updates tomorrow.

Plan A: Buy Break 1.0871 and clear 1.0905

Currency Pair: USD/CHF
Entry: 1.0871 Buy --
SL: 1.0841 30 pips --
T1: 1.0901 30 pips --
T2: 1.0931 60 pips --
BE+1: 1.0872
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Plan B: Sell Break 1.0790 and clear 1.0767

Currency Pair: USD/CHF
Entry: 1.0790 Sell --
SL: 1.0820 30 pips --
T1: 1.0765 25 pips --
T2: 1.0730 60 pips --
BE+1: 1.0789
R/R ratio: 2 to 1

Thanks,
Ricky - E, S

May 27: I did get stopped out the for USD/CHF entry order overnight. But I re-entered again this afternoon and it worked out. Price finally breaks above 1.0905 in late afternoon and it is currently at 1.0935.

[dcantin]

Currency USD/CHF
buy at 1.1000
SL 1.0950
TP1 1.1025
TP2 1.1050
GT
BE+1= 1.1001

SELL at 1.0867
SL 1.0917
TP1 1.0842
TP2 1.0817
GT
BE+1= 1.10866
R:r 1:1

I stalk the EUR/USD
Denise

[dcantin]

We are in an M2 (1.0868) - M4 (1.0993) plan for the day.
The trend is down.
Our sell order for for 1.0867 has hit TP1 and 2 and the GT is running with +43 pips and the price is at 1.0820 at the moment which is 15 pips above 1.0805 (m1).

How low can we go?
The numbers are working.

[dcantin]

USD/CHF
Pair I stalk is EUR/USD
Buy 1.0700
sl 1.0670
TP1 1.0730
TP2 1.0760
gt
BE+1= 1.0701

Sell 1.0588
sl 1.0618
TP1 1.0558
TP2 1.0528
GT
BE+1= 1.0587
R:R 2:1

My trades for monday did not trigger.
Denise