In our previous market update, we mentioned our EUR/CHF signal which we closed last night. We opened that forex signal about a week ago, but we knew that this pair likes to take its time.
EUR/CHF is like a turtle; you can usually spot the direction easily, but it needs tons of nerves and patience to wait for the right entry price and then again for the exit.
That´s what it´s doing right now. It´s moving towards the bottom of the range but it´s taking ages. 1.30 would be the ideal place to open a buy forex signal, but we´re still about 20 pips higher as I speak.
We might as well buy this forex pair now, but the stochastic and RSI indicators on the H1 chart are heading down, so we´ll probably see the 30's soon.
There´s still some room left on the downside.
I have to say that we have to be very careful with long positions in this pair because 1.0630 is not made of steel and after weeks of consolidation around these levels, we might as well see a break to the downside.
But that break is only going to happen once (if it does) and until then, we might have 10 successful buy signals. The potential rewards are so much greater than the potential loss, so it´s not worth holding back.
It´s more or less like love. It´s always wiser to take that step even though you know you might end up being hurt as hell. Because if it does work, it´s worth the risks.
Well, off I go to write a love song now since I dragged myself into this and probably consider a new career as the next Leonard Cohen. But, keep an eye on this pair and on that level so you don´t miss opportunities even if we do.