Possible shorting opportunity for USD/CHF soon! We've recently seen a strong daily bearish candle that has engulfed 5 days of previous price action. This tells us that there is a possibility that price wants to push even lower. If we zoom into the 4 Hr time-frame we can see price has broke and closed below previous lower high and structure point, creating a lower low in the market. We can now start to see the ascending corrective price action from this point showing that price has no intent to the upside. Taking this into account, i will be looking for price to eventually put in a lower high into the market from which i can gain an entry for a sell position. There are two places that i will be watching for price to come into. The first is the structure and 61.8% Fib retracement and the second is the structure and 78.6% Fib retracement. At both these levels i will be watching for a strong momentum bearish candle on the 2 Hr time-frame. My take profit will be the daily dynamic resistance level around 0.91300.
Feel free to leave any comments about the idea!
Feel free to leave any comments about the idea!
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.
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.