USDCHF ONE HOUR BREAK AND RETEST SHORT TRADE SETUP
Hi everyone:
Here is my view on USDCHF SHORT, Any type of feedback is greatly appreciated it. Thank you
Trade: #2
Date: 11/28/2016
Time: 18:00 GMT
Forex Pair/Commodity: USDCHF
Position: SHORT (SELL)
Reward/Risk: 3+:1
Opportunity:
Weekly: Price action has hit a strong resistance zone , formed a high test candle
Daily: Over extended run after the US election, formed a strong doji at the top of the run,
followed by a bear engulfing candle
4 Hour: Price action broke down the support trend line, and retest the 20 EMA and main pivot
Point, falling MACD
1 Hour: Broke down strong support trend line after 4 tries, pulled back to 0.38s fibs
replacement, 20/50 EMA, and main pivot point, MACD made a double tops
Looking to take this pair to previous strong horizontal support/resistance line @0.9950 and daily
0.382 fibs retracement
Thank you for your support
Here is my view on USDCHF SHORT, Any type of feedback is greatly appreciated it. Thank you
Trade: #2
Date: 11/28/2016
Time: 18:00 GMT
Forex Pair/Commodity: USDCHF
Position: SHORT (SELL)
Reward/Risk: 3+:1
Opportunity:
Weekly: Price action has hit a strong resistance zone , formed a high test candle
Daily: Over extended run after the US election, formed a strong doji at the top of the run,
followed by a bear engulfing candle
4 Hour: Price action broke down the support trend line, and retest the 20 EMA and main pivot
Point, falling MACD
1 Hour: Broke down strong support trend line after 4 tries, pulled back to 0.38s fibs
replacement, 20/50 EMA, and main pivot point, MACD made a double tops
Looking to take this pair to previous strong horizontal support/resistance line @0.9950 and daily
0.382 fibs retracement
Thank you for your support
Note
Correction: The date should be 11/27/2016Note
Set stop loss at break even entry price of 1.01422.Trade closed manually
1 hour showed a mini double bottoms. Close the trade for 1:1 reward/risk @1.0102.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.