Dollar's comebackAs what you all have already known, I am a big fan of the Fakey setup as this is a strong signal which follows a strong movement day after.
From yesterday's session. the USDCHF Forex pair has formed a fakey bar by easily erasing the losses made during yesterday's Asian session. For those who do not know, Asian sessions are mostly 'fake' movements. I need not broaden my reasoning for entering this trade as saying it formed a fakey bar is enough.
Usdchftrade
USDCHF testing major resistance, time to start sellingSell below 0.9732. Stop loss at 0.9811. Take profit at 0.9614.
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.9732 (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance, bearish divergence) and we expect a strong reaction off this level for a further drop to at least 0.9614 support (Fibonacci extension, horizontal swing low support).
RSI (34,5,3) is seeing bearish divergence vs price signalling that a strong reversal is impending.
USDCHF BOUNCE OFF OF SYMMETRYWatching the swiss franc for a bounce off a symmetrical low that was put in last week. My trigger is an entry after the break of the previous week's high and a stop beneath the low. The expectation is to run up to another fib level in a 61.8% level from a recent down move.
USDCHF my opinion return for longI see that the trend down goes very long and without kickbacks. In addition, the trend hit the support zone and purchases, besides, it has struck a magic number of 0.97000
I buy 0.97200 . SL 0.96650 TP 0.98300
Remember
-Never risk more than 2-3% of your balance on a single trade. And If you are a beginner 1%.
-A Single or few trades result is not important. Whats important is the net return at the end of the month, quarter and year.
USDCHF profit target reached perfectly, prepare to buyBuy above 1.0000. Stop loss at 0.9946. Take profit at 1.0100.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target as expected. We prepare to buy above 1.0000 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support) for a push up to 1.0100 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is fast approaching support at 4% where we expect a bounce from.
Correlation analysis: EURUSD and USDCHF are negatively correlated, meaning they usually move in opposite directions. We’re expecting a drop in EURUSD which goes in line with the rise we’re expecting on USDCHF.
USDCHF - Longing based on Mongerskit Trading system - 4hrsWe had a buy signal generated by our system today, We know the new trend of this pair is long now.
We are going to wait for a pull back to one of the 3 minor resistance levels, after a clear bullish candle that confirms the end of the pullback, we shall long it.
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goodluck.
USDCHF remain bearish below strong resistanceSell below 1.0068. Stop loss at 1.0114. Take profit at 0.9973.
Reason for the trading strategy (technically):
We continue to remain bearish below 1.0068 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) as we look to play the drop towards 0.9973 support (Fibonacci retracement, Fibonacci extension).
Stochastic (34,5,3) is now on pullback resistance where we expect another bearish reaction to occur.