With
USDCHF
slowly but surely breaking above resistances and forming higher highs and higher lowers, I will be looking to get involved into a long position on this pair. Currently, price action has broken above a monthly support turned resistance at around .95650 and we can expect for that level to return to the monthly support that it once was and hold price action above it. Since then price action has came down into that .95650 level and tested it and the level has successfully held as support, pushing price action back up to the upside.
Please note the following rules below for entry to the upside:
Price action remaining above the monthly support of .95650
Price action picking up some upside momentum
Enter on bullish momentum above .95800
Profit whatever you can get, but the .96100 level might give some resistance to price action moving higher, however if it can break above .96250 it has potential to run up to .97000 even.
Stops at around .95200
This trade will lose its potential if the first rule becomes no longer applicable. For example if bearish momentum pushes price action substantially below the monthly support level of .95650.
You will find that my style of trading often holds a greater risk than reward, however the potential of price action moving in the favor of my position where profit can be liquidated and banked before price action moves against me is very high when the rules are followed.
If you find yourself liking my style of trading please feel free to follow me as I will post potential trades like this rather frequently.
USDCHF
slowly but surely breaking above resistances and forming higher highs and higher lowers, I will be looking to get involved into a long position on this pair. Currently, price action has broken above a monthly support turned resistance at around .95650 and we can expect for that level to return to the monthly support that it once was and hold price action above it. Since then price action has came down into that .95650 level and tested it and the level has successfully held as support, pushing price action back up to the upside. Please note the following rules below for entry to the upside:
Price action remaining above the monthly support of .95650
Price action picking up some upside momentum
Enter on bullish momentum above .95800
Profit whatever you can get, but the .96100 level might give some resistance to price action moving higher, however if it can break above .96250 it has potential to run up to .97000 even.
Stops at around .95200
This trade will lose its potential if the first rule becomes no longer applicable. For example if bearish momentum pushes price action substantially below the monthly support level of .95650.
You will find that my style of trading often holds a greater risk than reward, however the potential of price action moving in the favor of my position where profit can be liquidated and banked before price action moves against me is very high when the rules are followed.
If you find yourself liking my style of trading please feel free to follow me as I will post potential trades like this rather frequently.
Trade closed: target reached:
Final target hit :)