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I am seeing a potential ABCD trade setup on USDCHF on the Daily TF. Currently, price is in the retracement zone of AB in 50/61.8 on the daily. I am looking for a pause/bounce off of these levels to confirm C. Once i see price action align on daily, i will drop down to the 4HR to see MA crossover, and Counter Trendline, break AND retest to enter. Stop losses will be below .786 retracement of AB. Long term play, but great risk/reward if entered and monitored properly.
I am seeing a potential ABCD trade setup on USDCHF on the Daily TF. Currently, price is in the retracement zone of AB in 50/61.8 on the daily. I am looking for a pause/bounce off of these levels to confirm C. Once i see price action align on daily, i will drop down to the 4HR to see MA crossover, and Counter Trendline, break AND retest to enter. Stop losses will be below .786 retracement of AB. Long term play, but great risk/reward if entered and monitored properly.