I am relatively new to the trading scene and recently have been studying techniques using raw price action. I am also trying to improve on my swing trading as this fits into my daily routines/lifestyle better.
In this analysis I will be waiting for a break of key level 0.99 (also I believe to be a phycology level), before shorting this pair for around 300...
Possible move for USDCHF. Price has recently made a big move to a local support line which usually results in a strong pullback for the immediate next bar. I believe this will be the pullback move to the trend line and then the price will continue to head downwards as you can see from my arrows. I will wait for conformation from the next candlestick and then enter...
After last weeks successful short trade on USDCHF I am looking to go again on the next pullback into the bearish trendline.
Price is making nice lower highs and lower lows. I have the Fib 0.618 retracement level and the bearish TL overlap at the 1.00400 zone which should work well.
Targeting new lows on the 4hr and the previous support at 0.99000
Price broke bearish and retraced bullish. I have marked the grey line which would be a 50% retracement of the bearish move. Price has formed bearish divergence and potential to move bearish towards to green line i have marked.
Risk exposure - 1%
Risk to Reward - 1:2
Happy Trading All.
This pairing is in an interesting place at the moment because it is reaching weekly highs it hasn't seen since August 2010... 9 years, price is currently 100 pips away from this level so we could see a bullish run up to it.
Another possible outcome is the 1 we have drawn on the chart, price could come back down to retest this trend line that has formed and make a...
As you can see this pair has enjoyed a wonderful rally in recent weeks. While the RSI is seriously overbought and has reached to a major level of structure and a reversing signal sitting on the top. I have gone short and expecting it to retrace at least to 0.362 level before deciding further movement. I have marked the tp and sl for your as well.
Market about to change trend and start selling.
RSI signalling overbought at 74 reading.
Get on sell and ride it out.
Warning; trading comes with risks, trade safely and within reason. All charts to be used for guideline purposes.