The USD/CHF pair on the M30 timeframe presents a possible shorting opportunity due to a recent breakout from a pattern.
Potential Short Trade:
Entry: Below the broken level, ideally around 0.9140 after confirmation of the breakout. Confirmation could involve a retest of the broken level as resistance or a sustained move below the level.
Target Levels: 0.9060: This represents a potential initial target based on a measured move approach (distance from the breakout point to the pattern's height). 0.9024: This is a further extension of the downside target.
Stop-Loss: Place a stop-loss order above the broken level, ideally around 0.9155. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
That's quite a nice way to draw the trendline. Why did you use the body and not the wicks, if you don't mind me asking?
PHANTAMINUS
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@ICmarkets it really depends on people strategy some uses d wicks some does not but I think in this scenario if u connect d wicks will change d while picture
KABHI_FOREX_TRADING
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@ICmarkets, Hi, i use both body and wick. when Connecting more touch Points is working for me.