olly48

USD/CHF Short After Retrace

Short
FOREXCOM:USDCHF   U.S. Dollar / Swiss Franc
Looking to short this since it has made a retrace back to 0.5 Fibonacci. For safer entry wait for EMA's to cut for short and MACD to remain below 0 which would confirm this is staying bearish .

Target is the low of support at 0.88389
SL is set just above 0.618 Fib around 0.89800 area

Comments

Nice idea lets see if it plays out
Reply
ysmiri RossTyler
@RossTyler seems it didn’t play out
+1 Reply
@ysmiri, Can't win them all, nice idea, after all technical analysis is just an idea of what MIGHT happen.
Reply
olly48 RossTyler
US retail sales figure was a lot better than expected, USD shot up across the board. Should be a short term effect
+1 Reply
@olly48, price come back into play now, shame SL would have triggered
Reply
olly48 RossTyler
@RossTyler, yeah this pair was slightly more wild than other pairs on that move. That is why it is important to monitor them in real time before entering a trade and making sure the signs are there that the price is going to turn
+1 Reply
@olly48, Idea was correct, just didn't work out, next one could. I don't use analysis or try and work out signs anymore but appreciate the work 👍
Reply
olly48 RossTyler
@RossTyler, thanks, I appreciate your support
+1 Reply