USDCHF has been on a downtrend. The bears have been more aggressive than than the bulls leading to the formation of a descending triangle. There has been a break and close below the horizontal support at 0.98383. I am placing a sell limit at that level, expecting it to hold upon retest. The stop loss and take profit target are both based on ATR x 2. I will manually cancel the pending order if price goes to TP1 before getting triggered. The trade details are as follows:
Trade Setup: Trend Continuation
Price Entry 0.98383
SL 0.98933 | SL pips 55.0
TP1 0.97833 | TP1 pips 55.0
RRR1 1.00
Trade Setup: Trend Continuation
Price Entry 0.98383
SL 0.98933 | SL pips 55.0
TP1 0.97833 | TP1 pips 55.0
RRR1 1.00
Trade closed: stop reached:
SL hit!