The 1H chart shows an interesting pattern displayed in this USDCHF pair.
You can see that price action was going sideway from 3 Dec to 10 Dec (1 week) before it breaks down.
It attempted to break out of the support turn resistance level at 0.98592 several times but failed
several times.
Price action has been sitting on 0.98157 for a while and I see multiple support here. More importantly, price has broken out of the bearish trend line.
This is a much lower price to buy than the one on 13 Dec 0100 hours candle which comply with the rules - breakout, retrace and close above support line. However, within 2 hours, traders who bought at that level were sorely disappointed as it turned out to be a fake breakout, with price level retreating to the bearish trend line once more.
So here we are, blessed and fortunate to have escaped that Mr Market trick and have initiated a buy position. Let's see how it goes next week.
You can see that price action was going sideway from 3 Dec to 10 Dec (1 week) before it breaks down.
It attempted to break out of the support turn resistance level at 0.98592 several times but failed
several times.
Price action has been sitting on 0.98157 for a while and I see multiple support here. More importantly, price has broken out of the bearish trend line.
This is a much lower price to buy than the one on 13 Dec 0100 hours candle which comply with the rules - breakout, retrace and close above support line. However, within 2 hours, traders who bought at that level were sorely disappointed as it turned out to be a fake breakout, with price level retreating to the bearish trend line once more.
So here we are, blessed and fortunate to have escaped that Mr Market trick and have initiated a buy position. Let's see how it goes next week.
Comment:
Sorry folks. we are out of this trade as well with a loss.
