TRADE #3 OF STAGE 3; SHORT USDCHF: ENTER: ENTERED 1.27.2010: TRADE PROFITABLE WITH T1 AND T2 HIT.

I was looking around at all of the charts and noticed on the 4 hour chart of the USDCHF there appears to be some resistance at 1.0500. This goes back to 2009. Click on this first chart to see the text I am talking about. I am expecting the pair to trade in a range and potentially head back to the upside so I drew the support and resistance lines. I am going to keep my targets on the inside of these S/R lines using Fib retracements. UPDATE: 01.28.2010 The trade was profitable with T1 and T2 being hit despite T3 being taken out via a stop loss. Click on the chart to the right to see the text. When looking at the trade analysis, here is what happened. ENTRY: 1.0488 T1 hit for profit at 1.0472 (16 pip profit) T2 hit for profit at 1.04559 ( 32 pip profit) T3 out for stop loss at 1.0503 (-15 pips) Total 33 pip profit for this trade. This is smal compared to the pip profits from other trades that I had earlier, but those earlier trades occurred on a 4 hour chart when a forex pair was near resistance on trend lines. I expected a double top on this pair and range trading between 1.0500 and 1.0400 for a while but the USD cointues to strengthen.