The808Trader

USD comeback? - Ichimoku USD/CHF Long Trade Setup

Long
FX:USDCHF   U.S. Dollar / Swiss Franc
If you are in my membership then this setup should seem familiar to you. It's been on our watch list since last week and I am still waiting for it to progress to give me a valid entry. We've been ranging in the kumo so far and we're approaching a bullish kumo twist soon. I'm still waiting for this to progress a little further in the kumo until we can get to a bullish kumo breakout which will hopefully coincide with a bullish TK cross and chikou span rising up and through price. Any combination of these confirmations with the kumo breakout should be enough to validate a buy entry for me. You'll notice the lines I've drawn out from our previous successful sell entries. I've left these drawn on this chart to illustrate that the market tends to return to key levels. What acted as support and resistance will now act as potential take profit levels and resistance once again. That is exactly what these indicators do is point to confluences of price structure without having to draw anything manually on our charts. I am going to use some of these horizontal lines as partial take profit levels if we get a valid buy entry. The reason I do this is to limit risk exposure as this progresses as well as take some profit off the table, but ultimately you need to decide to trade based on a style that best suits you. If we fail to get a bullish breakout or our bullish confirmations fail, this setup may become invalidated.

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