USDCHF has been on a recent uptrend with an RSI bearish divergence. There was a break of the short term trendline support with a bearish engulfing pattern. Therefore, I am placing a sell limit order at 1.00357. Stop loss is just above the swing high while the take profit target is at the 38.2 Fibonacci retracement level of the long term upswing. I will cancel the pending order if price goes to TP1 before getting triggered. Trade details are as follows:
Trade Setup: CRT-Bearish Engulfing
Price Entry 1.00357
SL 1.01335 | SL pips 97.8
TP1 0.99045 | TP1 pips 131.2
RRR1 1.34
Trade Setup: CRT-Bearish Engulfing
Price Entry 1.00357
SL 1.01335 | SL pips 97.8
TP1 0.99045 | TP1 pips 131.2
RRR1 1.34
Order cancelled:
Price did not retrace to my entry level and almost hit TP1. (November 20)