USDCHF has been trading in an ascending triangle since early 2018. As of late, the pair has been trading in a narrowing range, making higher lows while facing strong resistance at 1.00-1.01. Entered a LONG position at the bottom section of the triangle after seeing price test the 0.99 level multiple times over the past two days, even forming a hammer with a particularly long wick signaling rejection of the support level. If price hits 1.01, plan is to move S/L up to lock in profits as there is potential for a break-out above 1.01.
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Closed position, stubborn USD at near-term resistance 0.9950-0.9960Note
Trade would have been successful had I stuck to the daily chart while monitoring the position. Price ended up stalling a bit more at the lower boundary and eventually shot upwards.Trade closed manually
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Trade would have been deep in the money had I not closed the trade. Stubborn price at lower boundary of the triangle shouldn't have scared me out, needlessly monitored lower time frames and got scared out by intraday volatility.
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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.