Hi guys, I've been away from trading for several weeks and went off to study some new material. I changed my style to pure price action but I still use RSI and MACD for divergences. I noticed that I see the markets more clearly without indicators or any kind of MA's. Clear charts create clear minds huh? It's good to be back here.
Okay, let's see USDCHF had a nice uptrend for 36 Days. Now we are the 1.01 Major resistance which also creates the potential Inverse Head and Shoulders leg resistance. Last time we saw the 1.01 zone price rejected and pulled back to 0.955.
Plan A: Long
-1.01 resistance breaks
-Momentum confirms
Plan B: Short
-Trendline breaks
-Negative Divergences play out
Entry with candle confirmation on High Time Frame
Targets and R:R given in the chart.
Happy Hunting.
Okay, let's see USDCHF had a nice uptrend for 36 Days. Now we are the 1.01 Major resistance which also creates the potential Inverse Head and Shoulders leg resistance. Last time we saw the 1.01 zone price rejected and pulled back to 0.955.
Plan A: Long
-1.01 resistance breaks
-Momentum confirms
Plan B: Short
-Trendline breaks
-Negative Divergences play out
Entry with candle confirmation on High Time Frame
Targets and R:R given in the chart.
Happy Hunting.
Trade active:
Trendline broken. Short entry placed at 1.00200