Forex Trading Money Making | USD/CHF Forex pair | Trading signals #18

Welcome back, traders and true believers of Forex Trading.

Welcome to the McDuck trading family.

In our previous post, we traded the United States Dollar / Canadian Dollar Forex pair with a Tools Trades signal, if you missed it, make sure to check it out!

Today our Forex pair of choice is going to be the United States Dollar / Swiss Franc, we are once again going to test the Take Profit and Stop Loss values from Tools Trades, as I am anxious to see if we are going to get a similar result again.

For those of you who aren't acquainted with what we did in the last post, we traded the United States Dollar / Canadian Dollar Forex pair and we didn't close the trade manually, but rather wait till the broker closed the trade for us, based on the Take Profit and Stop Loss values from Tools Trades

Our trading platform of choice is none other than IQ Option, so far I haven't found a platform that I like more, so I will be sticking to it!

Let's start off with the Technical analysis and see in which direction are we going to take our trade.

At the moment we are looking at a selling position. Oscillators are once again barely pointing us in the selling position, whereas the Moving Averages are almost entirely supporting the selling position to that extent that the number of indicators in favour of it, are forming a strong selling position.

This situation feels better than the one in the previous trade, however, you must always keep in mind that nothing is 100% certain in life and let alone in trading.

Now it is time to check out the Forex Factory Economic calendar as a part of our Fundamental analysis.

Open up the Forex Factory Economic calendar and let's set it up so that it only shows relevant news.

We only need the information associated with the United States Dollar / Swiss Franc and as such everything else would be redundant.

Once again the economic events listed above do not cover the Swiss Franc part of our Forex pair, but the events that are related to the United States Dollar will be more than enough considering their impact on the market, so let's take a look at them:

1. Average Hourly Earnings m/m (USD)

2. Unemployment Rate (USD)

3. Revised UoM Consumer Sentiment (USD)

Average Hourly Earnings m/m (USD) - This report shows the change in the price businesses pay for labour, excluding the farming industry. This is the earliest data related to labour inflation and as such is a leading indicator of consumer inflation - when businesses pay more for the labour the higher costs are usually passed on to the consumer.

Unemployment Rate (USD) - A report of highest impact, it shows the percentage of the total workforce that is unemployed and actively seeking employment during the previous month. The number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labour-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy.

Revised UoM Consumer Sentiment (USD) - This report is derived by a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions. As financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity we should keep a sharp eye on this one.

Don't forget to use the promo code #SHIVINVEST when you sign up for a Tools Trades account in order to receive additional free trading signals.

Now that we know what we can expect it is time to obtain a trading signal from Tools Trades so that we can open a trading position. We have come to the conclusion that a selling position would be very likely for this trade, so let's see what the trading signal will have in store for us.

The signal we received from the Tools Trades confirmed that the selling position should the best most optimal choice, so let's enter the trade and see how that goes. As per usual we made sure to enter the values that they provided us with, the Take Profit and Stop Loss, as otherwise none of this would be meaningful

Now let's look at the chart after the trade, to see how things went:

We entered the trade on the top of the pillar on the left at the moment the bullish trend was near its peak. As we entered the trade in a selling position, our goal was to have the market drop, so that we can make a profit. The trade went in our favour most of the time, except at the moment where it tried to bounce back, which was only temporarily as it started to plummet down afterwards.

Just like in the previous trade, the IQ Option closed the trade automatically based on the Take Profit and Stop Loss values that we have received from the Tools Trades trading signal.

Thanks to them we were able to make 7.426.39$ without the constant monitoring of the trade.

If it weren't for the Take Profit and Stop Loss values I would probably close the trade when the market would start to rise, however, the trading signal allowed me to squeeze out every possible bit of profit!

That is everything for today, feel free to check out the video below on this topic, stay safe and I will see you soon with more tips and tricks, trading signals and guidelines for Forex trading!

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