USDCHF Short - Stop Losses Wiped Out, Sellers In Control
I predicted that the price will reach beyond 1.005 before the trend reverses from the 3-month supply zone but definitely not expecting this kind of movement.
It is very irresistible from shorting USDCHF whenever it surfaced above 1.00.
What probably has made it even more attractive is the double top pattern formed around 1.002 with its neckline at 1.00, and the neckline was broken.
This itself will definitely attract a large volume of sellers because it is just irresistible for many technical traders, isn't it?
But who knows, one long spike takes all out - a final attempt to take out all short-sellers by large institutions from my pov.
The volume expanded as soon as the price starts to shoot backwards, a very clear sign that the selling strong is taking over the trend in the earliest stage.
Nevertheless, it is not very mindful if we just jumped in now and thus one should always have a trading plan to take this opportunity.
I will be waiting for the price to retrace to the 618 level of the double top pattern and look for a strong bearish candle/reversal candle to short within the supply zone around 1.001.
It is very irresistible from shorting USDCHF whenever it surfaced above 1.00.
What probably has made it even more attractive is the double top pattern formed around 1.002 with its neckline at 1.00, and the neckline was broken.
This itself will definitely attract a large volume of sellers because it is just irresistible for many technical traders, isn't it?
But who knows, one long spike takes all out - a final attempt to take out all short-sellers by large institutions from my pov.
The volume expanded as soon as the price starts to shoot backwards, a very clear sign that the selling strong is taking over the trend in the earliest stage.
Nevertheless, it is not very mindful if we just jumped in now and thus one should always have a trading plan to take this opportunity.
I will be waiting for the price to retrace to the 618 level of the double top pattern and look for a strong bearish candle/reversal candle to short within the supply zone around 1.001.
Order cancelled:
Price has pierced through the supply zone as well as 382 of the long upper shadow candle.
This could be the final wave to trigger stop losses of attempted short sellers.
If the process is over, we will be expecting some strong bearish candle with high volume.
Meanwhile, this trading plan is already invalid base on the entry price and SL mentioned.
This could be the final wave to trigger stop losses of attempted short sellers.
If the process is over, we will be expecting some strong bearish candle with high volume.
Meanwhile, this trading plan is already invalid base on the entry price and SL mentioned.
