Hello guys,
USDCHF has just touched the top of a weekly descending trend line forming a daily shooting star at the top.
Price is also facing a horizontal resistance (the purple rectangle) and a slanting resistance (the dashed line). In a monthly perspective a potential ABCD pattern is also forming with a 0.618% retracement (the purple circle).
Take a look at the below pic to see my potential entry in 4h (if price break the CTL in 4h) and also RSI divergence.
With the weekly trend line projection we can see that price could reach a new lower low after which it could retrace (maybe around the golden ratio as I pointed out) and finally touch the yearly ascending trend line.
Happy trading to all!
USDCHF has just touched the top of a weekly descending trend line forming a daily shooting star at the top.
Price is also facing a horizontal resistance (the purple rectangle) and a slanting resistance (the dashed line). In a monthly perspective a potential ABCD pattern is also forming with a 0.618% retracement (the purple circle).
Take a look at the below pic to see my potential entry in 4h (if price break the CTL in 4h) and also RSI divergence.
With the weekly trend line projection we can see that price could reach a new lower low after which it could retrace (maybe around the golden ratio as I pointed out) and finally touch the yearly ascending trend line.
Happy trading to all!
Comment:
Possible 4h entry and RSI Divergence:
Trade active:
Trade active: we had a breakout and close below the CTL in 4H TF.
Comment:
Price reached the 0.618 fib extension of a little abcd pattern -> a little pullback is possible. Anyway I moved my SL to breaven -> trade secured!
Trade closed: target reached:
Target reached. We'll short again after the breakout if a new setup will form.
Happy trading
Happy trading
