EURCHF Short
Direction: - PFH (Peak Formation High) established 3 days ago which started a Bearish Cycle.
- Bearish Momentum is seen on the H4 as lower lows and lower highs are being formed.
Entry: - Price point was held for multiple hours over two days, and no candle closed above this point. Multiple candles pinned this point, indicating the high was going to be kept and it was going to be the high of the day. Price action showed this high was not going to get broken.
- 200 EMA acted as a resistance point for the high, giving me more confidence it was not going to break that point. Candles pinned that high and the 200 EMA.
- M (Double Top) Pattern formed on the H1, which indicated a probable strong drop in the pair on the Bearish Cycle.
- Shark-fin (RSI crossed back into the volatility bands) was seen on the H1 on the first leg of the M (Double Top) Pattern. Confirmation that price will most likely start to drop soon.
- I entered on the M15 to get a precise entry once I saw the RSI cross the Signal Line on the H1. This was my entry.
Exit: - 11 pip SL @ just above the high (just in case they pin it again).
- 29 pip TP @ the point where RSI crosses back above the Signal Line. This was my exit.
Direction: - PFH (Peak Formation High) established 3 days ago which started a Bearish Cycle.
- Bearish Momentum is seen on the H4 as lower lows and lower highs are being formed.
Entry: - Price point was held for multiple hours over two days, and no candle closed above this point. Multiple candles pinned this point, indicating the high was going to be kept and it was going to be the high of the day. Price action showed this high was not going to get broken.
- 200 EMA acted as a resistance point for the high, giving me more confidence it was not going to break that point. Candles pinned that high and the 200 EMA.
- M (Double Top) Pattern formed on the H1, which indicated a probable strong drop in the pair on the Bearish Cycle.
- Shark-fin (RSI crossed back into the volatility bands) was seen on the H1 on the first leg of the M (Double Top) Pattern. Confirmation that price will most likely start to drop soon.
- I entered on the M15 to get a precise entry once I saw the RSI cross the Signal Line on the H1. This was my entry.
Exit: - 11 pip SL @ just above the high (just in case they pin it again).
- 29 pip TP @ the point where RSI crosses back above the Signal Line. This was my exit.