The London session is in full force and the only solid trade setup we are trading today is USDCHF.
TRADE DETAILS
ENTRY 0.98389
SL 0.98523 ( pips 14.2 )
TP 0.97870 ( pips 51.1 )
The RR is a solid 3.6 because the SL is pretty tight. I will look to move to break even and add on 5 pips after 20 pips in profit. Then Might re-think my TP as the contraction is pretty big on the 4H chart, but is supported by a minor one on the 1H.
As soon on the 4H chart (right) we have plenty of resistance levels (3) which all acted as either strong supports or resistances the last time price came up to this level!
It's important to note that the EMA has not been breached yet on the 4H, its acting as a support still.
Comment
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Right now we have a retest of the EMA on 4H chart happening... 1H found support at at 38.2%.
Comment
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We are INCREASING TP TO 0.97650!
Trade closed: target reached
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Take profit reached but we turned SL into a TSL and riding to 0.97890
Our view remains bearish still as the 4H has created a breakout and we expect 0.98000 to be reached today. We focus on day trading and profits per session. Yesterday we locked in profits at BE+3 that got reached and we're shorting again. It all comes down to the stratregy, we don't care about the TP getting reached in reality... our mission is % gain of 6.5% a week and we've got that, if this works out, its just a bonus!
fali4209
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@PrimedGroup no worries mate. Analysis is always good to share. If the next 4hr closes in 9819 I will be joining you to short.
PrimedGroup
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@fali4209, absolutely! Heres the update we see for now... 1H retest of resistance zone and 4H we could see retest of 13ema which would make us happy sellers!
fali4209
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I didn’t join as I’m not convinced usd news will bring it higher.
PrimedGroup
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@fali4209, we'll see, good chance of a weaker print and if it comes any close, or even below 50, the flash Manufacturing PMI that is... then we can really see a bearish USD.
Lots of solid indications of that actually happening based on our review of fundamentals!
In any case, SL is there and time will tell if we got a winner or a loser! :)
PrimedGroup
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@fali4209, hey! did you end up riding this one down?
fali4209
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@PrimedGroup managed to catch 32 pips on way down :)