It’s been a pretty cool trading day today.
Not one of those range busting pip days we have been seeing recently but a lot more of the ebb and flow that I like to trade.
Chatting to Paul on Skype this morning both of us were looking to see what was on offer. Funny thing is he managed to talk himself out of going short on GBPCHF and I managed to talk myself into it.
Here’s the chart
I saw a nice consolidation which was preceded by a lovely smooth move to the downside that could provide a nice low risk trade with a 20 pip stop and 60 pip target. Swiss GDP figures were due out at 0645 hrs but price started moving at 0635 and triggered me into the trade short before the data was released.
+20 on the trade was just above the big number of 1.6100 so this was a good place to scale out 75% of my position and move my stop to the BE point.
The remainder got stopped out at BE but it was a very nice way to start the trading day.