Hi Team
We are expecting some weakness from CHF this week and looking for a rebound on the euro too.
From the chart you can see that we are expecting to reach a major level of support and a daily double bottom in the next few days.
Once we get later into the week, we will look for rejection of the major support level, before looking for bullish candles in which to enter on the smaller timeframe.
You’ll note that I have included four separate take profit levels for this trade – this is deliberate given current market volatility predominately affected by the dollar on major currencies like the euro.
as ever, it is really important that we manage our risk. I always try to provide you with traits that have an excellent ratio to assist you in doing this. I would strongly advise that you wait for the market rejection of support, and then draw a descending trend line on the lower timeframe and wait for this to break before entry.
I will do a post in the next few days showing you exactly how to do this for this pair.
As ever, good luck and trade safe!
DrBear
We are expecting some weakness from CHF this week and looking for a rebound on the euro too.
From the chart you can see that we are expecting to reach a major level of support and a daily double bottom in the next few days.
Once we get later into the week, we will look for rejection of the major support level, before looking for bullish candles in which to enter on the smaller timeframe.
You’ll note that I have included four separate take profit levels for this trade – this is deliberate given current market volatility predominately affected by the dollar on major currencies like the euro.
as ever, it is really important that we manage our risk. I always try to provide you with traits that have an excellent ratio to assist you in doing this. I would strongly advise that you wait for the market rejection of support, and then draw a descending trend line on the lower timeframe and wait for this to break before entry.
I will do a post in the next few days showing you exactly how to do this for this pair.
As ever, good luck and trade safe!
DrBear
