USD Strength back? - USD/CHF Ichimoku Long Trade Setup
Last week finally allowed for this pair to break up and above previous major price structure resistance.
I am now looking for that previous price structure to act as support. Ideally I am looking for a drawback and a good support candle to form to help confirm my bias for a long entry.
With the last candle of the week, we may have started that drawback so we'll have to pay close attention here at the beginning of the week.
We also have to remember it is a US holiday so things may be a little slow volume wise for our normal New York session.
If we can get the drawback to price structure support and hold, I'll enter my long with the targets I have drawn out.
As usual I will be taking partial profit at those levels on the way to my longer term target.
I also leave some of my position running as long as the trend stays valid so our targets can extend well beyond what I've drawn out.
If we fail to get a drawback or if support doesn't hold, this setup may become invalidated.
I am now looking for that previous price structure to act as support. Ideally I am looking for a drawback and a good support candle to form to help confirm my bias for a long entry.
With the last candle of the week, we may have started that drawback so we'll have to pay close attention here at the beginning of the week.
We also have to remember it is a US holiday so things may be a little slow volume wise for our normal New York session.
If we can get the drawback to price structure support and hold, I'll enter my long with the targets I have drawn out.
As usual I will be taking partial profit at those levels on the way to my longer term target.
I also leave some of my position running as long as the trend stays valid so our targets can extend well beyond what I've drawn out.
If we fail to get a drawback or if support doesn't hold, this setup may become invalidated.