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USD/SGD 769 Pip Trend Offers CCI Entry

USD/SGD 769 Pip Trend Offers CCI Entry

2011-11-28 17:57:00
Walker England , Trading Instructor,
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Exotic currencies give us many opportunities to trade strong trends we wouldn’t find on major currency pairs such as the EUR/USD. Currently, the USD/SGD has been trending 769 pips upward from its October 30th low at 1.2380 to the November 25th high of 1.3149. As price continues to print higher highs, trend traders can begin using technical analysis to buy on dips as the pair retraces.

Below we have an opportunity to enter the USD/SGD on a 2H chart utilizing the CCI oscillator. Since the trend is upwards, we are waiting to buy on a dip once the indicator becomes oversold at -100. Execution is confirmed as CCI moves back above -100, signaling upward momentum has returned to the market. This style of trading can be repeated multiple times until the trend is voided, and new lows are created.

USD.SGD_769_Pip_Trend_Offers_CCI_Entry_body_Picture_1.png, USD/SGD 769 Pip Trend Offers CCI Entry

My preference is to buy the USD/SGD on a CCI crossover near 1.3000. Stops should be placed below 1.2900. Limits should look for a minimum 200 pip profit target toward 1.3200 for a clear 1:2 Risk/Reward profile.

Alternatives include price breaking down to form lower lows.

Additional Resources

Trading the Trend

CCI

Support & Resistance Video

---Written by Walker England, Trading Instructor

To contact Walker, email instructor@dailyfx.com. Follow me on Twitter at @WEnglandFX.

To be added to Walker’s e-mail distribution list, send an email with the subject line “Distribution List” to instructor@dailyfx.com

DailyFX providesforex newson the economic reports and political events that influence the currency market. Learncurrency tradingwith a free practice account and charts from FXCM.

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