GBP/CHF Daily Contrarian Trade *CLOSED*

I’m going to long trade this pair towards the daily pivot point @ 1.5983. The pair is currently trading below the daily pivot and has touched the S3 level.

Profit Target @ 1.5965

Entry #5 @ 1.5955

Entry #4 @ 1.5945

Entry #3 @ 1.5935

Entry #2 @ 1.5925

Entry #1 @ 1.5915

Stop @ 1.5885

*UPDATED 24 March 2010*

We closed this trade early this morning, around 04:00 early. While the pair did eventually return to its daily/weekly pivot point it did so with much chop, unfortunately resulting in having been stopped out twice reducing our profit margin on this trade. Nevertheless we were able to farm some pips and that is all that we can really ask for.