SO IT HAS BEEN AWHILE SINCE I HAVE MADE A POST ON HERE AND ITS FOR GOOD REASON. THERE HASN'T BEEN MANY GREAT LOOKING SWING SETUPS! I HAVE BEEN PRIMARILY SCALP TRADING THE NY SESSIONS IN THE MORNING CATCHING MY PIPS THAT WAY. AS I WAS DOING MY PRE-MARKET ANALYSIS THE MARKET HAD SHOWN ME A DECENT LOOKING OPPORTUNITY ON USDCHF CURRENCY PAIR. AS YOU CAN SEE BASED ON HISTORICAL DATA THIS PAIR IS SITTING AT A VERY SIGNIFICANT PRICE LEVEL. THIS WAS THE LEVEL THAT BACK IN THE PAST FEW YEARS WAS AFFECTED BY CHF LEAVING THE UNION. THIS CAUSED A SHARP DROP IN THE CURRENCY VALUE AGAINST THE USD. PRICE HAS BEEN HOLDING AT THESE LEVELS FOR YEARS NOW SHOWING ME THERE IS STILL IN INTEREST AND MEMORY OF THAT PAIR DROPPING. GOING DOWN TO MY LOWER TIMEFRAME CHARTS CONFIRMED THE BIAS OF A POTENTIAL SHORT BASED ON MOMENTUM ALONG WITH THIS STRUCTURE. LETS TAKE A LOOK.
1D CHART: *on this timeframe price is sitting at recent significant structure levels *there had been a strong seller push on the daily leaving a bearish engulfing candle as well as its most recent candle leaving a large wick/rejection to the upside
4H CHART: *on this timeframe this pair is displaying a failure to make new highs with signs of buyer momentum dying out *sellers are stronger than the buyers and are causing a 100% rest for every up move
MY BIAS HAS BEEN CONFIRMED WITH THE PRICE ACTION THAT THE CHARTS ARE SHOWING ME. KEEP AN EYE ON THIS PAIR FOR GOOD ENTRY AND EXIT TARGETS. ALWAYS REMEMBER TO NEVER RISK MORE THAN 2% OF YOUR TRADING CAPITAL PER TRADE. NO TRADE IS EVER GUARANTEED TO GO IN THE DIRECTION YOU THINK.
PLEASE LIKE AND FOLLOW MY PAGE FOR MY PROFITABLE TRADES! CHEERS!
Trade active
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USDCHF MADE NICE MOVE TO DOWNSIDE AFTER RE-TEST. MARKET SHOWING PROMISE FOR TARGET.
Trade closed: target reached
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TARGET WAS REACHED ON THIS PAIR. VERY GOOD TRADE. ON TO THE NEXT ONE.
Comment
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CAME BACK INTO TARGET AREA FOR SECOND TRADE. TAKE PROFIT REACHED CHEERS!