USDCHF - What to do now? - Market in a Retracement Move
Hi Traders!
The market is in an overall Downtrend, but in a shortterm Longtrend.
As you can see it was falling since it was at the Top of 0.96400.
During this Bear Market the market respected a Trendline.
The Price fell until it reached the Support at 0.93800.
The distance is 160pips.
After that it broke the Trendline and is moving up.
So what to do now?
The market just broke out of the Trendline with high momentum.
It is in the Retracement move.
The question is, where the Retracement is going to end.
For that we can consider these things:
At this moment we can wait and see how the market reaches this Level.
If everything is normal and the market reach the Sell Area, we'll sell.
The TP would be at around the last low.
We recommend not to trade every move of the market.
Having no open positions is also a position!
Thanks and successful Trading :)!
The market is in an overall Downtrend, but in a shortterm Longtrend.
As you can see it was falling since it was at the Top of 0.96400.
During this Bear Market the market respected a Trendline.
The Price fell until it reached the Support at 0.93800.
The distance is 160pips.
After that it broke the Trendline and is moving up.
So what to do now?
The market just broke out of the Trendline with high momentum.
It is in the Retracement move.
The question is, where the Retracement is going to end.
For that we can consider these things:
- The 200MA and
- the 61.8% of Fibonacci Retracement.
At this moment we can wait and see how the market reaches this Level.
If everything is normal and the market reach the Sell Area, we'll sell.
The TP would be at around the last low.
We recommend not to trade every move of the market.
Having no open positions is also a position!
Thanks and successful Trading :)!
