The EUR/CHF breakout that we were planning for, has happened.  The first profit target, and most reliable profit target, is the first red Winnipeg line above the channel.  It should get there sometime today, unless this trade is so ridiculous that it never can even get to its first profit target.

Be on the lookout for a close above the top of the channel.  It’s hanging around a lot up there, like it intends to make a move. 

I was unhappy with our old channel, so I’ve redrawn it and show some smelly perfume to go along with the channel, for good luck.

I’d like to see, in this descending channel, a close below the red trendline in the channel.  The profit target would be the middle fibble.

The 4 Hour is looking good — although the pair could continue to fall (and that’s fine with me), I would be willing to buy the pair if it can break above recent resistance.  This would give us a perfect target of the bottom of the old channel. This move back up to the bottom of the channel would be the Winnipeg move that we didn’t see when the pair first broke outside the channel.

Our EUR/CHF fell right outside the bottom of the channel and our short trade was triggered.  It did return to do a Winnipeg move (you can see in the red circle that it just rose up and just touched the bottom of the channel).

The Winnipeg lines below the channel did a nice job of acting as profit targets on the drop.  The red Winnipeg lines are just fib extensions of the width of the channel (23%, 38%, 100%, 138%, and so on).

And, yes, I meant to spell “Franc” F-R-A-N-K.  I just think that is funnier.

Our good friend the Chef (CHF) is strong enough to bring us to the bottom of our ascending channel.  A candle that hits the channel bottom but prints bullish, gives us a buy trade with a target of the first fibble.

A close below the bottom of the channel will give us a sell trade.

When we’re trading from the daily chart, nothing is going to happen at light speed.  But we did have a great bounce off our support line that we talked about way back on July 11.  Here’s the updated chart.  We did get the 50 pips, or more, depending on how you played it.  If your trade is still open, then make sure your stop is at break even and let it ride up to the round number 1.2200.

There are all kinds of programs about the 5 minute chef, or the 30 minute family meal, or whatever. Well, here’s the 4 Hour Chef (what I call the Swiss Franc).  I would love to buy on a move to the bottom of the channel.  That isn’t going to happen anytime soon, but I am going to be ready for it when it does happen.