Last week's 
USDCHF price action formed a lower low and close, indicating potential for continued downward movement. The high test bar observed a week prior further supports this bearish sentiment.
The daily chart shows erratic price action, particularly last Thursday, suggesting a bearish range. We plan to enter a 4-hourly short trade from the top of this range, specifically at the 0.89962/0.90012 zone, for a better risk-reward ratio compared to the 0.89644/0.8970 zone.
We'll wait for the price to reach our level around 0.89962/0.90012. If it doesn't, we'll remain patient and look for another opportunity rather than rushing the trade.
Our stop loss will be placed above 0.90061 to manage risk effectively. The profit target is set at last week's low around 0.89258/0.89161, aligning with the bearish trend.
USDCHF price action formed a lower low and close, indicating potential for continued downward movement. The high test bar observed a week prior further supports this bearish sentiment.The daily chart shows erratic price action, particularly last Thursday, suggesting a bearish range. We plan to enter a 4-hourly short trade from the top of this range, specifically at the 0.89962/0.90012 zone, for a better risk-reward ratio compared to the 0.89644/0.8970 zone.
We'll wait for the price to reach our level around 0.89962/0.90012. If it doesn't, we'll remain patient and look for another opportunity rather than rushing the trade.
Our stop loss will be placed above 0.90061 to manage risk effectively. The profit target is set at last week's low around 0.89258/0.89161, aligning with the bearish trend.
Order cancelled
It didn't reach the levels.
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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.
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.