16 Apr NZD CHF Swing Long Reinstated; 16th April 2013
Just a quick note to say I’ve reinstated the NZD:CHF swing long.
For now the overall trend remains up and the entry I’ve just taken is actually around 100 pips lower than the previous long entry and offers a better potential reward albeit at the expense of a more probable, but smaller financial risk.
A lower low on the Hourly chart as can be seen has been quite a common phenomena over the last Year or so in ongoing up trends, but for this trade to work I need the recent low to hold on an hourly candle closing basis and that will form the stop loss area.
Just to reiterate, risk of failure on this trade is higher than before, but stops are also tighter and probability suggests a test of the 38.2% fib is likely which will at least give the option to take a profit or get the stop loss to break-even.