AmplaFX

USDCHF, Reversal Imminent! LONG 1:10 +

Long
FX:USDCHF   U.S. Dollar / Swiss Franc
Good morning ladies & gents ,

Following on from our USDCHF short idea, price has now traded back into our D1 Bullish Orderblock.

From this area, I'm looking to look for a reversal to the upside.

The market has NOT shown signs of breaking down yet on the lowertimeframes, so these boxes don't highlight my entry point. What they highlight is areas where you can take profit when the long setup presents itself.

When I enter, I'll be adding it in the comment section below so remember to follow this idea so you get notified upon our entry.

It's possible for price to trade lower from here and hit our D1 Propulsion Block. IF price trades down to this level, the setup for a long will be super high probability and the risk to reward can be astronomical depending on the size of the stop loss as per the market structure.

I will give my updates and thought as USDCHF matures and progresses.

Good luck guys!
Comment: I'm looking for an entry today.

Will update later if I see something nice.
Trade active: Anticipating a potential reversal soon.

I've got an entry signal to go long, which I will take with a stop below the lows of the day (0.91915)

However, DXY is bearish right now meaning that USDCHF may hold this level for 1-2 days prior to the reversal.

However, as per my system, I have entered at 0.92000 with a stop at 0.91915.

I'll give an update on take profit if price moves in line with our bias.
Comment: Price nailed our 0.9200 level which is a Daily Propulsion Block.

Tomorrow we can snipe an entry going long.

CADCHF has already taken off. When UF gives us an entry long tomorrow, this will further drive CADCHF higher.

Comments

will be interesting to see your entry for long
+1 Reply
is this still valid
+1 Reply
AmplaFX Ezalor
@Ezalor, It is valid, but price will most likely trade down to that next level I was talking about on the D1 Chart.
Reply
Did this idea die?
Reply
AmplaFX geebrian
@geebrian, Nope! Price is trading down nicely into our 2nd point of potential reversal. I'll observe how price reacts once it reaches there and if there's an entry. I will inform you guys. Stay tuned for now.

P.S. Always execute trades w/ good risk management, 1-3% MAXIMUM. That's my 2 cents :)
Reply
well in my opinion we should see 0.9220 then 0.9339 and then 0.91xx as next bearish target
Reply
AmplaFX Ezalor
@Ezalor, If price doesn't reject from this current level and close the day higher. My anticipation will be somewhere around 0.91920 approximately. Once price trades down to that level and I see a solid buy structure, I'll update this idea with my entry + sl + tp :)
Reply
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