USDCHF Final Flag Retracement for BULL Continuation!?
Updated
USDCHF Time Frame: 1 Hour
Trend: Bull
Pattern:
~Price formed big bull break out @0.8921 AND 0.9005
~Price forming a bull flag on Hourly
~Price always consolidates after a big with trend move
~Buys only @ 0.9005 and 0.9020 Area of Interest
Time Frame: 15 Minute
Trend: Bear
Pattern:
~Price formed a series of lower highs and lows
~Price broke through down trend channel @0.90354
~Price broke down trend channel indicating end of down trend
~Buy if price retraces the 1.618 fib extension of bull leg breakout of down trend channel for price to rally back to 0.90354 where structure last broke
ENTRY
Buy @ 0.90166 which is at 1.618 fib extension of bull leg breakout of down trend channel
SL @ 0.90121
TP @ 0.90416
Trade active
Buy Position Active Entry @ 0.90166
SL @ 0.9012
TP @ 0.9040
Sellers tried to push price lower and failed.
Looking for a breakout rally to the 0.9040 which is where price last broke structure and the 0.5 FIb of current bear leg.
Trade closed: target reached
TP Hit @ 0.9040 hit Wednesday 10th April @ 10:30am
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