All Trade Ideas and trading scenarios found on FX360.com are hypothetical. FX360.com has not placed these Ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of futures results.

Update: CHF/NOK Approaching Long at 5.8200

The information, including Commentary and Trade Ideas, provided on FX360.com should not be relied upon as a substitute for extensive independent research which should be performed before making your investment decisions. Global Forex Trading and FX360 .com is merely providing this information for your general information. The information and opinions presented do not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. Any projections or views of the market provided by FX360.com may not prove to be accurate.

Last updated 7/24/2009 7:00 PM EST (GMT -5) 0 Comments - Add your comment

• Share this:

Bradley W. Gareiss

Technical Analyst, GFT

Yesterday we featured a bullish Gartley forming on the CHF/NOK (  CHF/NOK Approaching Long at 5.8200 ).  The trade has seen support quickly, and we must move our profit targets up because the actual Point D is higher than our estimated Point D.  Our new profit targets are 5.8986 (38.2% of CD) and 5.9525 (61.8% of CD).  If the pair gaps down over the weekend, however, we will move the profit targets to their orginal levels.

For those who have not entered this trade, it is still possible to enter if the pair drops back below 5.8200.  However, if the pair rises to T1 (5.8986) before entering, then it is no longer prudent to enter this trade.  

We can still buy the CHF/NOK if the pair falls to 5.8200 (Point D).  Point D is located at the convergence of the following points:

For those who have not entered yet, we will look to buy the CHF/NOK at 5.8200 with our stop placed at 5.7717.  Our initial profit targets are 5.8986 (38.2% of CD) and 5.9525 (61.8% of CD).

• • 
    
  • Daily Chart - Entry occurred at 50% of YZ.
  • 
    
  • 8hr Chart - Bullish Gartley; buy at 5.8200.

The information, including Commentary and Trade Ideas, provided on FX360.com should not be relied upon as a substitute for extensive independent research which should be performed before making your investment decisions. Global Forex Trading and FX360 .com is merely providing this information for your general information. The information and opinions presented do not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. Any projections or views of the market provided by FX360.com may not prove to be accurate.

The views of the authors and analysts are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. FX360.com and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained on FX360.com. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.

Loading...