AzzenWazHere

Nice Break And Retest

Short
FOREXCOM:USDCHF   U.S. Dollar / Swiss Franc
This one is gonna be short and simple! We have a great example of a break and retest on a trend line after price reverses. As you can see in the chart, price was forming higher highs, and higher lows. When price broke past the previous low, In my strategy, this means the uptrend is broken and I now start looking for selling opportunities. After price broke past the previous low of 0.98686, price then began to form a small uptrend. I don't buy when a small trend is formed, I am looking for the overall direction. So since I know price broke the previous level of structure, this small uptrend is only noise to me, so I formed a small trend line to keep track of where price is going and waited for price to break below the trend line and retest. Lastly, once price retests this trend line I then go to the 15 minute time frame to look for entries. Happy trading!
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