USD/CHF buy based on institutional candles
On the 4hr and 1hr chart, we see that the previous high was an order block (evident by the high volume). Order blocks by definition end up getting filled to create a fair price for buyers and sellers (in this case sellers) to get back in the market.
The stop loss is set underneath the previous support. It doesn't sit on the support because the high volume on Monday may cause it to dip below because of the orders being placed on the weekend.
TP1 is set above the previous resistance. 50% of the position should be closed at that point. TP2 is halfway through the order block (which is where most orders would lie).
The stop loss is set underneath the previous support. It doesn't sit on the support because the high volume on Monday may cause it to dip below because of the orders being placed on the weekend.
TP1 is set above the previous resistance. 50% of the position should be closed at that point. TP2 is halfway through the order block (which is where most orders would lie).
Trade closed: target reached
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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.