USDCHF 240 conflicting channel vs bear triangle possible long
A parallel channel has formed on the 4H USDCHF, but it is in conflict with the recent flat-bottomed bear triangle. If we get a break and close above the top of the triangle with a break of the RSI trendline, I will look for a long trade with a TP near the centerline of the channel. I’m not real thrilled about the SL, but it does give a 1:1 RtR.
Comment:
Well, after two weeks away, and now back to pick up the pieces of any open ideas….it looks like this one worked out partly right. The PA did break above the top of the triangle and looks like it resulted in long price movement, but the trade as shown would have failed. Always tough to say in after-the-fact analysis, but the SL was too tight and probably would have been triggered with a 1.4 or larger spread.
