Click the NZDCHF Chart Above to Enlarge
On Tuesday night, we ran a commentary in our FX report, suggesting traders sell the NZDCHF on a break below 0.6800.
As we anticipated, the price action declined significantly following that update and is now trading around 0.6600.
Members who followed our guidance, selling at 0.6800, would now be ahead approximately 200 pips on the trade.
As such, in this afternoon’s update we suggested that those in shorts trail their stop loss to 0.6700.
Moving stops down to this level will lock in 100 pips profit and, more importantly, protect profits in the event of a relief rally during tonight’s session.
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