Click the NZDCHF Chart Above to Enlarge
We covered the NZDCHF on 2 September, noting a broad downtrend over an extended period of time.
We provided a suggestion for aggressive traders to sell below 0.6750, with stops above 0.7000 for protection.
Since that update the pair has continued to move lower and members who set an order would have been filled.
With the price action currently trading around 0.6500, those still in positions would be approximately 250 points in profit.
As such, in this afternoon’s update we suggested that those in shorts trail their stop loss to 0.6680.
Moving stops down to this level will lock in 70 pips profit and, more importantly, protect profits in the event of a relief rally during tonight’s session.
These are the kind of setups we are identifying for our FX Report members.
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