Price almost formed a bullish engulfing candle, however i'm still considering USDCHF quite bullish at the moment as it has close above its previous daily lows.
On this basis i am looking for a long entry.
Here we have identified a strong inflection point (green line), where it is both support and resistance.
I would like to see price break and clear this level and come back for a rounded retest for an entry. This trade should be monitored closely as there are areas we should watch out for (the red lines).
I am anticipating price to take out the highs for a probe of liquidity at the purple box, as i think there will be many stops there.
Let me know your thoughts.
-L
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I'm still interested in how this plays, it just might take a while
At this state the momentum of the candles seems to decrease as it's giving smaller green candles approaching the 200 EMA. According to my analysis it seems there might be a bit of consolidation at 200 EMA. However it might be bullish after the consolidation phase.
Lenguito_Forex
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@omeeishrak, Couldn't agree with you anymore, doesnt help its approaching a strong level, where most people would have been taking profits. This is why i will wait for a break and close above this level to look for an entry. This would of course be a retest of your 200EMA.
omeeishrak
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@Lenguito_Forex Exactly, that's what I will be waiting for as well. Will check for entrance signal above 200 EMA. Only then I will enter.