arieg1985

Potential Short Position for USD/CHF_Trade Plan 2017.06.30

Short
OANDA:USDCHF   U.S. Dollar / Swiss Franc

Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level

D1, H4, and H1 are all showing the overall trend is still Down trend with price is hold below long-term MA (MA120) and major D1 previous support turns to resistance 0.96403 - 0.96695.
Currently, price is bounce back from the bottom slightly above next major D1 support area 0.95227 - 0.95502.
To follow the overall downtrend, there are 2 potential entry.

Trade Plan 1:
If price continues bounce back to the nearest confluence of resistance area around 0.95901 - 0.95961 (Price Structure, Fibo Ret 23.6%) and rejected down, can consider to short the market.
With Stop Loss 20 pips and Target Profit 40 pips, the potential trade offers 2.00 Reward-To-Risk Ratio.

Trade Plan 2:
If price continues bounce back higher to the confluence of resistance area around 0.96169 - 0.96253 (Price Structure, MA120, Fibo Ret 38.2%) and rejected down, can consider to short the market.
With Stop Loss 20 pips and Target Profit 60 pips, the potential trade offers 3.00 Reward-To-Risk Ratio.

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