jojofang0901
Short

USDCHF ONE HOUR BREAK AND RETEST SHORT TRADE SETUP

FX_IDC:USDCHF   US DOLLAR / SWISS FRANC
150 0 19
Hi everyone:

Here is my view on USDCHF             SHORT, Any type of feedback is greatly appreciated it. Thank you

Trade: #2

Date: 11/28/2016

Time: 18:00 GMT            

Forex Pair/Commodity: USDCHF            

Position: SHORT (SELL)

Reward/Risk: 3+:1

Opportunity:

Weekly: Price action has hit a strong resistance zone , formed a high test candle
Daily: Over extended run after the US election, formed a strong doji at the top of the run,
followed by a bear engulfing candle
4 Hour: Price action broke down the support trend line , and retest the 20 EMA and main pivot
Point, falling MACD
1 Hour: Broke down strong support trend line after 4 tries, pulled back to 0.38s fibs
replacement, 20/50 EMA , and main pivot point , MACD made a double tops

Looking to take this pair to previous strong horizontal support/resistance line @0.9950 and daily
0.382 fibs retracement

Thank you for your support
Comment: Correction: The date should be 11/27/2016
Comment: Set stop loss at break even entry price of 1.01422.
Trade closed manually: 1 hour showed a mini double bottoms. Close the trade for 1:1 reward/risk @1.0102.
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