Back at it USD/CHF 8-29-11

Well now that work is done and school's starting, I'm back into trading during the day.  Just paper trading this week to ease back in and feel out the markets, but I figured I'd review a trade I made this morning.

The dollar franc made my watch list last night because yesterday it had wicked above the 38.2% fib retracement from December '10 til early August.  We were also near resistance at ~0.8275 and a little bit further out the 100 day MA.  I figured with all this resistance on the horizion, there may be some good selling opportunities in the morning.

This morning I saw that the pair was nearing yesterday's high at 0.8240.  We began to consolidate just under this resistance around 0.8230 and I decided to get short targeting 0.8187 w/ stop above yesterdays high.  Caught a nice down move from there and I sold more at ~0.8212.  Resistance at 0.8205 held solid and we saw a nice bounce from there, so I manually closed half of my position and eventually was stopped out at 0.8217 for +8 pips.

I was pretty satisfied with this play for it being my first day back.  One of my goals for this fall is to improve on adding to my positions.  I think I did a good job of this today.  One mistake I made this morning was rushing my trade a little bit.  I didn't notice the resistance at 0.8205, and that would have changed my whole plan for the trade.  There was also a little uptrend that was carved out on the 5 min chart that I missed.  Had I seen this I would have seen that 0.8205 was a perfect spot to target for a quick trade like I was making.  I think it will still make it to 0.8187, but it won't happen the way I saw it playing out.  

I'm probably going to just watch the rest of the morning and get a feel for how everything is trading.  US Consumer Confidence will be out in about an hour, so heads up for that.  I'm hoping to be blogging at least one trade review everyday, so keep an eye out for those.  Good luck and happy trading.