Trading-Guru

CHF/USD Short Position after Confirmation of Resistance

Short
FX_IDC:CHFUSD   Swiss Franc / U.S. Dollar
Here on CHF we are seeing two major important points that can determine the direction of our next trade.

First of all we see that the price is really close to a horizontal resistance. This can gives us a nice risk-reward for a short position.

Second of all, we see the price is following a trend line (roughly, it's not perfect admittedly). We can use this trendline to understand when we need to exit our short position.

Basically it means that the price is trending upwards, and we should be conservative with our positions. Don't hold it too long, and exit relatively early. That's why I drew the orange line to bounce at around 1.1017.

All other information can be found on the chart. Good luck!

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

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Comments

I will be posting more of these regularly, so follow me to find out about great trading opportunities
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I would also like to remind you that I make all of this available completely for free. If you like my work, you can help me out greatly by giving me a thumbs up on this idea
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How would you have charted this? Feel free to post a link to your own idea here as well
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I’m curious to hear your thoughts! Let’s make use of the fantastic tradingview community and give each other feedback.
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