Wednesday, June 6, 2012

A quick update to the CAD/CHF trade from last Friday

As you remember, last Friday we at CMTrading shared a trading idea regarding the CAD/CHF pair. The pair formed an H&S pattern right on a stiff daily resistance. The bad GDP reading from Canada triggered a massive sell of the pair. The first target at 0.9315 was reached quickly completing patter’s target, and the pair closed at 0.9276 next to weekly’s low. On Monday the pair reached a trend line support where profit taking orders stopped the bearish momentum. If you are still holding this trade, you can move SL to 0.9315, above last 2 daily highs.

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