USD CHF - Over 100 pip Fall (SHORT)
Hello Traders,
Take a look at this pair. It is shaping up very interestingly. it just bounced strong off a resistance band showing signs of weakness. However, bare in mind that it is descending in a downward channel.. that doesn't necessarily mean it has to revisit the top trend line - it could very realistically descend while hugging the bottom channel line and eventually have a small pullback to the 34 Moving Average.
How to take this trade - Presuming you entered short at the resistance levels you should only consider the trade to be invalidated if it pops back into the band. If so, be patient and seek to short again at the top of the channel. Be cautious that the market could pull up to the 34 Moving Average and then resume on down.
As for TP all of the drawn support levels pose a realistic target. Be mindful though that market is very volatile and can easily bounce off any of them.
Good luck,
Take a look at this pair. It is shaping up very interestingly. it just bounced strong off a resistance band showing signs of weakness. However, bare in mind that it is descending in a downward channel.. that doesn't necessarily mean it has to revisit the top trend line - it could very realistically descend while hugging the bottom channel line and eventually have a small pullback to the 34 Moving Average.
How to take this trade - Presuming you entered short at the resistance levels you should only consider the trade to be invalidated if it pops back into the band. If so, be patient and seek to short again at the top of the channel. Be cautious that the market could pull up to the 34 Moving Average and then resume on down.
As for TP all of the drawn support levels pose a realistic target. Be mindful though that market is very volatile and can easily bounce off any of them.
Good luck,
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