USDCNH: Short, in case you were in doubt...
Updated
We have a very clear short setup in USDCNH (or a long in CNHUSD).
I include the CNHUSD or 1/USDCNH (inverse) to help you see why it's useless to do this type of exercise before taking a trade.
I'm already short from last night but after seeing today's close and a new low right now, I think it's fairly safe to enter shorts in this pair, with stops above 6.50377.
You can see how the options expirations support and resistance lines serve as a map, which when aided with price action analysis, can tell you wether the pair will move up or down, or how far it might go. This is because price action surrounding options expirations dates is very significant and is a time when most people focus on the market.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
I include the CNHUSD or 1/USDCNH (inverse) to help you see why it's useless to do this type of exercise before taking a trade.
I'm already short from last night but after seeing today's close and a new low right now, I think it's fairly safe to enter shorts in this pair, with stops above 6.50377.
You can see how the options expirations support and resistance lines serve as a map, which when aided with price action analysis, can tell you wether the pair will move up or down, or how far it might go. This is because price action surrounding options expirations dates is very significant and is a time when most people focus on the market.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
Trade active
Note
Good progress.Note
Short is acting well but it must hit 6.4581 before the daily close to confirm the downside momentum, otherwise it might consolidate some more.Trade closed manually
I'm out, price action nullified this setup.Note
The downtrend failed, buyers are in control, we can go long with stops under today's low.
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