USDCHF reversing below our stop loss resistance, remain bearish
Sell below 0.9874. Stop loss at 0.9896. Take profit at 0.9786.
Reason for the trading strategy (technically):
Price has reversed nicely below our stop loss yesterday. We look to remain bearish below 0.9874 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a further push down to at least 0.9786 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) has good downside potential for our remaining drop.
Reason for the trading strategy (technically):
Price has reversed nicely below our stop loss yesterday. We look to remain bearish below 0.9874 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a further push down to at least 0.9786 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) has good downside potential for our remaining drop.
Trade closed: target reached:
Oh no too many pips to hold! Remember to treat your family to a good meal this weekend with the money you made ;)