I was somehow saved from being stopped out last week with 1.0052 being hit in USD/CHF but I took it as sign to get out. I cut the trade around 1.000 earlier today for a 5 pip loss. My sentiment towards a weak dollar maybe a little premature. so I will wait it out for now. It seems that the year end shuffle is now in progress and is a good time to be extra cautious. The JPY Pairs are still a little tough for me to read but I've opened a position in EUR/AUD @ 1,3725 with a TP 1.3681 SL 1.3782.
The main reason for this trade is 1.3750 trend line resistance. It has held 3 consecutive times in the last 3 days and the last low after it was tested was about 25 pips lower than the one before. I am also adding a 25 pip trail because the 100EMA@1.3700 on the hourly which is the chart I am mainly basing my strategy off.
P/L RESULTS = +45 pips.
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