USDCHF Long with 2 confluences (Zero Indicators)
Confluences:
1: Weekly chart trendline breakout.
2. Trend is bullish with price making Higher Lows and New Highs.
Entry:
Price is over extended at this point in time. This creates the risk of price pulling back to retest the previous high or the trendline while at the same time creating new higher low. This when we can start looking for entries and reassess the risk reward ratio for this particular trade. Will be looking to take entries later next week if the setup is till valid. Will be looking to holf this position for 3-4 week or until target is reached (Which ever comes first)
1: Weekly chart trendline breakout.
2. Trend is bullish with price making Higher Lows and New Highs.
Entry:
Price is over extended at this point in time. This creates the risk of price pulling back to retest the previous high or the trendline while at the same time creating new higher low. This when we can start looking for entries and reassess the risk reward ratio for this particular trade. Will be looking to take entries later next week if the setup is till valid. Will be looking to holf this position for 3-4 week or until target is reached (Which ever comes first)
Comment:
Looking at the lower time frame (H4) I'm starting to see possible consolidation and exhaustion with candle spikes. This could be a sign that a pullback might be about to take place. The result could be a Higher Low on the higher time frame (Daily Chart. )
Comment:
Looking at the way this pair is moving, we might see explosive moves in the next 2 - 3 weeks. The manner price is moving is showing a lot of volume. But lets not forget the market is still over extended and we could still see a pull back creating a new higher low. Its only the first day of the week and a lot can happened in two to three days.