GBPCHF - H4 Chart, 28th Feb

Another potentially good trade is shaping up on the GBPCHF 4 hour chart. Below is the chart with Wolfe Wave, Schaff Trend and also Fibs. I use Fibs mostly to get a perspective of price especially when Wolfe Waves project prices into the future.

What gives me confirmation is from the daily chart, which is showing a potential end of a downtrend for this pair. Refer to the chart below to see what I mean.

Long @ 1.41842
TP: 1.43620 (61.8% Fib)
SL: 1.40926

Risk: 916 Pips
Reward: 1778 Pips

Reason for getting into this trade again is the positive swaps. Call me crazy but I don't like giving away money for free to the markets.. or my broker for that matter!

USDCHF - Daily Chart, Wolfe Wave Analysis

Daily Chart for USDCHF. Its in an uptrend and Wolfe Wave confirms the same. I'm a bit too impatient to wait for a retracement so i'm LONG in the trade.

Entry @ 0.9330
TP: 0.94861 (coincides with 50% Fibo Level)
S/L: 0.92775

Risk: 525 Pips
Reward: 1561

ETA: March 8th 2013.

Edit: What's also good about keeping this trade open until March 8th? Well, positive Swaps ;)

Just wanted to post another chart. Well the same chart as above but with Schaff Trend Cycle indicator added as well. If you notice, look how nicely price reversed just as Schaff Trend switched from a SELL to a BUY signal. I'm using this as a second confirmation signal for my trade. But as you know, markets are unpredictable. So fingers crossed!!

Trade #: 2502EURJPY-1 Trade #: 2502EURJPY-2

Both trades cancelled due to a large gap during Market opening.

Trade #: 2502AUDNZD

The trade got stopped out. With 0.10 lots, the total loss was -14.37. So what went wrong?

Ideally, looking for reversal from Wave 5 is how trades should have been entered. But even in this aspect, notice how a candle clearly closed just above the TL 135 but price failed to reach the upper TL.

So what went wrong?

I would assume it had to with the 'Low Volume' aspect and this it wasn't the right time to trade.

EURUSD Long Term Outlook

I came across an interesting pattern on the EURUSD long term trade set up using the Daily chart. If by means of any luck, my trade analysis is right, then are we expected to see the Euro fall to 1.28 levels around March 2013?

I'm not so sure. A part of me feels excited on having to notice this set ups almost a month ahead, but there is a bit of doubts as well. While opinion on this might seem divided, I for one will be eagerly following the Euro Dollar.

So... join me in this fun speculation. Do you really think the EURUSD will drop to 1.28 towards the last week of March 2013?

Here's the chart.