Potential Short Position for USD/CHF_Trade Plan 2017.06.30
Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level
D1, H4, and H1 are all showing the overall trend is still Down trend with price is hold below long-term MA (MA120) and major D1 previous support turns to resistance 0.96403 - 0.96695.
Currently, price is bounce back from the bottom slightly above next major D1 support area 0.95227 - 0.95502.
To follow the overall downtrend, there are 2 potential entry.
Trade Plan 1:
If price continues bounce back to the nearest confluence of resistance area around 0.95901 - 0.95961 (Price Structure, Fibo Ret 23.6%) and rejected down, can consider to short the market.
With Stop Loss 20 pips and Target Profit 40 pips, the potential trade offers 2.00 Reward-To-Risk Ratio.
Trade Plan 2:
If price continues bounce back higher to the confluence of resistance area around 0.96169 - 0.96253 (Price Structure, MA120, Fibo Ret 38.2%) and rejected down, can consider to short the market.
With Stop Loss 20 pips and Target Profit 60 pips, the potential trade offers 3.00 Reward-To-Risk Ratio.
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.