Looking at another mechanical short setup. This time USDCHF.
Price hit supply, got some rejection. Failed to break previous high.
Price ranged up in this upward channel/wedge, which seems to peak right into the supply.
Therefor a break might offer a short opportunity to maybe the 0.8930 range.
There is some USD data incoming in 1 hour and 15 minutes. Something to keep an eye on. This can fuel the setup or make it invalid. Another remark is that the 2 hour candle did engulf and if price reaches the bottom base of the wedge, it will be likely that the 4 hour candle also will engulf, which all together adds to the probabilities.
Price hit supply, got some rejection. Failed to break previous high.
Price ranged up in this upward channel/wedge, which seems to peak right into the supply.
Therefor a break might offer a short opportunity to maybe the 0.8930 range.
There is some USD data incoming in 1 hour and 15 minutes. Something to keep an eye on. This can fuel the setup or make it invalid. Another remark is that the 2 hour candle did engulf and if price reaches the bottom base of the wedge, it will be likely that the 4 hour candle also will engulf, which all together adds to the probabilities.
Order cancelled
Call didn't work out well. Happens.
New week, new round.
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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.