EURCHF has been on an uptrend for about 1 year now (Mar 2017). The slope of the diagonal channel has become steeper since 3 months ago (Feb 2018). There is a descending triangle on the H4 timeframe which adds confluence to my bearish bias. I am looking for a sell opportunity once the candle closes (waiting for confirmation) below the horizontal support (around 1.19356) of that chart pattern. As this is a bearish trend reversal setup, my take profit is conservative at the 38.2 Fibonacci retracement (1.19698) of the recent leg up with a reward-to-risk ratio of 1.50.
Trade Setup: Trend Reversal
Price Entry: 1.19356
SL 1.19796 | SL (in pips) 44.0
TP1 1.18698 | TP1 (in pips) 65.8
RRR1: 1.50
Trade Setup: Trend Reversal
Price Entry: 1.19356
SL 1.19796 | SL (in pips) 44.0
TP1 1.18698 | TP1 (in pips) 65.8
RRR1: 1.50
Trade closed manually:
This setup is manually canceled with the formation of a new swing high. I consulted with my coach and was told that I should have maintained this setup as it was still valid. (May 7)