11 Apr Mid Week Update, NZD:CHF & That SPX Chart!
Although I promised myself the NZD:CHF swing long would not be closed until the 0.8210 target was hit, this mornings rally had a bit of a blow-off look to it and I couldn’t resist closing the trade at 0.8064 to bank a 109 point profit. Taking that profit probably wasn’t a professional thing to do as it technically makes the risk vs reward on the trade less than 1:1 because the stop loss was around 200 points away. Anyway, its done now and the trade is closed, but I probably wouldn’t discount re-entering the position if circumstances become attractive again.
You may also remember I’ve been watching this long term SPX chart with a view to taking a short entry on a test of the expanding megaphone pattern. Whether this pattern really exists is questionable but as promised I entered a small short anyway at 1596 with quite wide stops:
Finally, I’m watching Cable ahead of a potential short entry as price is now in the resistance zone I detailed a few Weeks back. No positions entered just yet although I was close to it but I may enter in the next few days if any intraday set-ups look worthwhile.