EURCHF is playing hard to get and is still consolidating. We might still have more consolidation for the next week. But if you are in this trade in LONG Position and it did move up, expect a great reward from this. After all, our stop loss is just at 1.200 which have a low risk with great rewards. On previous post, if you have entered the trade, you have around 10 – 12 pips of stop loss and we are looking at our first target if this breaks out at 120 – 150 pips. That’s x10 reward right there as our first target. We are actually buying at bottoms here.
Its time to test those patience. EUR/USD is looking very good on the short side though. But I wouldn’t enter personally at this time.. The stop loss would be too much of a risk for me. I’d like to be on top, being a contrarian trader. EUR/CHF is a better pair for us to trade at the moment.
While in consolidation, protect your money. You don’t want to lose money at this time because after consolidation you know what happen… A breakout. You want to be on the sidelines or hold any position so you can survive the whip saw of the price until you earn a payday on the breakout. Its time to practice patience guys.
Of course, all this is for educational purposes only. Trade at your own risk.