USDCHF - Corrective phase over? Shorting from resistance
Bought this pair on the 22 Aug and been following the pair up. After deciding it was probably a corrective phase, I exited the position, and switched from bullish to bearish.
I watched and entered as bulls pushed price and clearly rejected the daily 21EMA, upper trendline resistance and Fib 50% level so we have massive confluence.
I was a bit cheeky and decided to enter on the 15 min chart as there was a perfect pinbar and it seemed like bulls were out of steam by then. Got in with just 20 pip SL and have tucked the SL healthily above the trend line and EMA so unless I've read it incorrectly and the trade in invalidated, i Should be safe.
Fingers crossed!
I watched and entered as bulls pushed price and clearly rejected the daily 21EMA, upper trendline resistance and Fib 50% level so we have massive confluence.
I was a bit cheeky and decided to enter on the 15 min chart as there was a perfect pinbar and it seemed like bulls were out of steam by then. Got in with just 20 pip SL and have tucked the SL healthily above the trend line and EMA so unless I've read it incorrectly and the trade in invalidated, i Should be safe.
Fingers crossed!
Trade closed: stop reached:
Got completely whipsawed in the breakout frenzy. Hit SL and then continued much much higher in the direction of my original trade.
