Going over a few awesome, nearly textbook Support & Resistance trades today

First, the USD/CHF around the 109. level. I posted up about this earlier and hopped in for a short with a half size position, closing minutes later for a mere 10 points, thinking it would be driving further up. Unfortunately, I wasn't keeping an eye on the bottoming EUR/USD as it nailed it's own support at 1.40 and as both pairs are USD correlated, they bounced off their respective levels with the EUR/USD nailing it on the dot and USD/CHF coming only a few points short.

Nonethless, the levels were perfect and all worked together wonderfully.

USD/CHF is shown below, 109. working perfectly with a 50% fib retracement from recent move down from 1.1 highs. Very nice.



EUR/USD is next. As posted above, 1.40 was the bounce point and the 38% fib from recent highs was just below that price.



Last but not least is my favorite setup and the one I should have been paying most attention to. GBP/USD, after spiking through the resistance top, had fallen some 300 points and was ready to bounce. A previous S&R location at 1.6425 would provide this along with a perfect 61% fib retracement. Wow. I saw this about 10 minutes after the initial bounce and couldn't believe I had not seen this earlier.



Some prime examples of what I look for :)