EURCHF Technical Analysis For Your Learning:
24 May 2016, Tuesday, 2.30am Singapore Time
Attached above is the EURCHF Technical Analysis.
Refer to the recent past live analyses in February and March 2016 when I said I would be shorting the EURCHF on the bearish wedge breakdown which I deemed to be a reliable breakdown and for which I deemed to be a good reward-risk ratio:
Refer to the recent past live analyses in February and March 2016 when I said I would be shorting the EURCHF on the bearish wedge breakdown which I deemed to be a reliable breakdown and for which I deemed to be a good reward-risk ratio:
I have made the decision to cut all losses in this trade tonight (Singapore Time) for risk management purposes.
Main consideration:
Swiss Franc is weak beyond my expectation. Seems like SNB's negative interest rate and Switzerland's preposterous idea of even giving out free money of US$2,500 per month (S$3,485 a month) to every Swiss national for doing nothing (unconditional minimum income) is having some effects. This is as good as flushing boatloads of Swiss Francs down to the main street.
(Reference: http://www.bloomberg.com/news/articles/2016-05-23/one-of-the-world-s-most-expensive-countries-is-debating-giving-away-money)
Full technicals as illustrated on chart.
Main consideration:
Swiss Franc is weak beyond my expectation. Seems like SNB's negative interest rate and Switzerland's preposterous idea of even giving out free money of US$2,500 per month (S$3,485 a month) to every Swiss national for doing nothing (unconditional minimum income) is having some effects. This is as good as flushing boatloads of Swiss Francs down to the main street.
(Reference: http://www.bloomberg.com/news/articles/2016-05-23/one-of-the-world-s-most-expensive-countries-is-debating-giving-away-money)
Full technicals as illustrated on chart.
Above are the losses in (SF) Swiss Francs (CHF).
Below are the losses converted into (SD) Singapore Dollar (SGD).
Below are the losses converted into (SD) Singapore Dollar (SGD).
Losses in this trade:
- S$ 57,586 SGD
- S$ 57,586 SGD
Cumulative:
S$ 1,212,501 - S$ 57,586
= + S$ 1,154,915 SGD
= + S$ 1,154,915 SGD
Trading Journal:
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