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Daily Observations: September 12, 2013

Daily Observations: September 12, 2013

2013-09-12 15:10:00
Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Flat

Closed Positions:

- Closed Long GBPCHF from 1.4685 at 1.4750 for +75-pips

The GBPCHF long trade taken last week finally hit its upside target of 1.4750 yesterday, and I chose to exit there as opposed to the upper bound of my target range (1.4800) considering that price had gyrated more violently than I find desirable for me to be party to. Price ultimately peaked above 1.4780; but those additional 30-pips don't concern me; I'm not interested in calling tops and bottoms.

Currently, I am on the sidelines and seeking long US Dollar setups in light of recent price action against the Japanese Yen and the Australian Dollar. I continue to prefer GBP longs to EUR longs, and the NZD now appears to be on the firmest footing should "risk on" dominate sentiment again.

-----

As a reminder, my risk management strategy operates as follows:

1) An Entry, Stop, and Targets - usually 1 to 3 - are identified.

2) Targets are "soft" - an intraday touch of price is required.

3) Stops are "hard" - a daily close beyond at or outside of price is required.

4) When there is only 1 target, price action in the target zone dictates where the

trade is closed (subjective). The full position is closed when there is 1 target.

5) When there are multiple targets, each successive "hit" of the targets warrants the Stop being moved higher (for example: once Target 1 is hit, the Stop is moved to Entry; once Target 2 is hit, the Stop is moved from Entry to Target 1, etc).

6) When there are two targets, a hit of Target 1 closes 1/2 of the trade and a hit of Target 2 closes the final 1/2 of the trade.

7) When there are three targets, a hit of Target 2 closes 1/2 of the trade, a hit of Target 2 closes 1/4 of the trade, and a hit of Target 3 closes the final 1/4 of the trade.

Are you new to FX or curious about your trading IQ?

I also host a weekly Live Trading Q&A in DailyFX Plus, on Tuesdays at 06:00 EDT / 10:00 GMT, in which I delve deeper into my positions and thought processes behind my analyses.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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