Unique4xPro

USDCHF Currently Neutral, Two Potential Plays

FX:USDCHF   U.S. Dollar/Swiss Franc
a year ago
With USDCHF             trending to the downside over the past two weeks or so, what we are seeing is likely just a corrective pull back before the market continues on to the downside. However, I do not want to throw out the possibility of a trend reversal play here so, in my analysis, I have depicted two potential plays. If this slight movement to the upside does in fact turn out to be just a corrective pull back, then we can expect to get short on some bearish momentum breaking out of the green trend line to the downside. If this trend line is broken, we can expect to see the market move at least to target 1 @ .94750, but potentially to target 2 @ .93900. On the other hand, if the market doesn't want to continue lower and the trend wants to reverse to the upside, then we can look to get long on a break out and close above the highs @ around .95550.

Please note the following rules below for entry to the downside:
Price action remaining below the .95550 level
Price action breaking out of the green trend line to the downside, and preferably closing below it.
Enter on bearish momentum below the trend line
Profit whatever you can get, but the .94750 and the .93900 level are the two targets for this play
Stops at around .95750

This trade will lose its potential if the first rule becomes no longer applicable. For example if bullish momentum pushes price action substantially above the .95550 level.

Please note the following rules below for entry to the upside:
Price action remaining above the .94800 level, and better yet within the green trend line
Price action breaking out above the previous highs, and preferably closing above the .95550 level
Enter on bearish momentum above the .95550 level
Profit whatever you can get, but the .96450 is a good target
Stops at around .94700

This trade will lose its potential if the first rule becomes no longer applicable. For example if bearish momentum pushes price action substantially below the .94800 level.

You will find that my style of trading often holds a greater risk than reward, however the potential of price action moving in the favor of my position where profit can be liquidated and banked before price action moves against me is very high when the rules are followed.

If you find yourself liking my style of trading please feel free to follow me as I will post potential trades like this rather frequently.
a year ago
Trade active: Price action broke out to the upside above the .95550 level, hopefully we can now reach target 1
a year ago
Trade closed: target reached: final target reached to the upside :)
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