This Trade Was Closed January 9, 2012
Ouch… thank you Mr Hildebrand:
SNB Hildebrand resigns
http://www.snb.ch/en/mmr/reference/pre_20120109_1/source/pre_20120109_1.en.pdf
To be honest I thought this trade would work 100%, I thought I would break the SNB and become the new Soros;-) Now Iam happy I kept the “percentage at risk” at the same level as always.
Looks like a lot of stops were triggered in the last 30 min we spiked down 35Pips just to go straight back up again. Maybe I wasnt the only one trying to make a profit form the SNB, again:-)
Original Trade Post:
Hello and a happy new year!
I have played this level in the EUR/CHF before on the 02/11/11 and it did work, so I will give it a try again. When I look at the daily chart I see two recent interventions starting in October. Both took place at the current price level and lasted about 3 days with gains around 250 pips each.
Looking at the fundamentals it will be interesting to watch the swiss PMI tomorrow (survey of about 200 purchasing managers) it has been in a steady decline since May 2nd and the forecast is negative again. So if the number turns out to be bad, I think the SNB will have one more good reason to step in again and support the swiss economy.
The take profit is calculated on recent intervention based moves and their pip range. And a fib expansion to 1.618 measured from the recent decline on the dialy chart.
Forex Trade Details:
| The Pair: | EURCHF | 5.0 (1 vote) |
|
| The Trade: | Buy at 1.2150 pips | ||
| Target Price: | 1.2300 pips | ||
| Stop Limit: | 1.2110 pips | Trade Closed: | January 9, 2012 |
| Take Profit: | 150 pips |
Similar Trades You May Like:
Short EUR/USD pennant in Forex Trades
Short Yen, Safe-Haven Play in Forex Trades
Playing the AUD/USD Pullback in Forex Trades
Educational Videos You Might Find Helpful:
[Webinar] Is Good News Really Bad for Stocks?
How the Dodd-Frank Bill Changes Forex Leverage
Candlesticks: Buying Hammers
Latest Forex Trade Posts:
Short EUR/USD pennant
Short Yen, Safe-Haven Play
Playing the AUD/USD Pullback
This is not investment advice. Learning Markets, LLC is not responsible for errors or omissions. Please be sure to read our disclaimer and terms of use.
If you enjoyed this article, please consider sharing it!
3 Responses to Long EUR/CHF expecting the SNB to intervene again
Leave a Reply
Advertisement
Jup, that’s exactly what I was thinking. If the Eur/Usd gets higher (by some mysterious reason
it should support Eur/Chf but if Eur/Usd goes down, like it is right now. The SNB is should act as buyer (looks like it is at the moment). EUR/USD is down 250Pips in two days and Eur/Chf is up 35Pips since I entered.
This could be a long bumpy ride, however. And without the SNB this could turn nasty in no time.
Today’s weakening EUR certainly isn’t helping right now, but I like this trade. Pressure seems to be mounting on the SNB.
The PMI Index was just released with a surprisingly strong number, 50.7 forecast was 45.4. So chances of a move by the SNB just have been decreased. But I will keep the position open because I think we are close enough to the floor to get support from the SNB and there are still some numbers comming out during the rest of the week.