Hello traders around the world.
My name is Alexandre Karim.
Let me explain for you how I planned to take a short position on USDCHF.
First of all, on the higher time frame (Weekly chart), we can see that the price reached a key area at 1.01436.
This area is great for short positions + the gravity is to the downside because the price created an ascending channel since Jan 2021.
On the lower time frame (4H), we can see that there's another ascending channel with a corrective behavior heading towards 1.01436 area.
The price later on reached the lower TL of the 4H ascending channel and created a bearish flag as a re-test signaling more downside especially when the price broke the 4H TL (Ascending channel).
After that, the price went up correctively reaching the previous bearish flag (Around 1.00315) I was waiting for the price to touch the upper TL of the ascending channel + the rejection line (Intersection).
I personally took this trade as a sell limit entry .
The pattern that I was waiting for is a double top (@ 1.00315) then breakout of the ascending channel (0.98659 till 1.00309). The breakout was at 0.99934 & thats when I moved my SL to BE.
PS: Always risking 1% of the account per trade.
WHAT MIGHT BE THE NEXT SCENARIO?
I will personally be waiting for a continuation pattern on the 1H chart as a bearish flag to take a double position.
Also, I will be trailing this pair and locking above 1H corrections to secure %
Risk management is crucial.
Patience is key.
#THEPRIMES
My name is Alexandre Karim.
Let me explain for you how I planned to take a short position on USDCHF.
First of all, on the higher time frame (Weekly chart), we can see that the price reached a key area at 1.01436.
This area is great for short positions + the gravity is to the downside because the price created an ascending channel since Jan 2021.
On the lower time frame (4H), we can see that there's another ascending channel with a corrective behavior heading towards 1.01436 area.
The price later on reached the lower TL of the 4H ascending channel and created a bearish flag as a re-test signaling more downside especially when the price broke the 4H TL (Ascending channel).
After that, the price went up correctively reaching the previous bearish flag (Around 1.00315) I was waiting for the price to touch the upper TL of the ascending channel + the rejection line (Intersection).
I personally took this trade as a sell limit entry .
The pattern that I was waiting for is a double top (@ 1.00315) then breakout of the ascending channel (0.98659 till 1.00309). The breakout was at 0.99934 & thats when I moved my SL to BE.
PS: Always risking 1% of the account per trade.
WHAT MIGHT BE THE NEXT SCENARIO?
I will personally be waiting for a continuation pattern on the 1H chart as a bearish flag to take a double position.
Also, I will be trailing this pair and locking above 1H corrections to secure %
Risk management is crucial.
Patience is key.
#THEPRIMES