samuraichopsticks
Long

USDCHF correctional move

FX:USDCHF   U.S. Dollar / Swiss Franc
Yesterday I took a long entry on this what I find a nice structure trade setup. Market broke previous resistance
and then went into extreme oversold on the RSI right at previous resistance which now became new support. I bought next bar candle. Market leaped north and took out target 1 which was good for 16pips. I'm still in that trade and looking for a rally all the way back up to 0.8917. I also have a cypher pattern watch but I don't want the market to get there as it will invalid this setup and a possible continuation to the downside may follow. If the Cypher pattern PRZ is reached I will only enter on a colour bar rotation and if there is an oversold RSI reading. Other then that I will be on the lookout for short entry signals near 0.8917

Comments

Looking at price rejecting 0.8894... 2 times I got a bit nervous but all is well... 16 pips for target 1, 26 pips for target 2 and 40pips for target 3 which I moved to 0.8926 for a total +82pips on just 1 trade today. Moving on to the next trade...
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