FX:USDCHF   U.S. Dollar / Swiss Franc
209 6
USDCHF broke out of the bearish wedge for what might be the start of a test of the previous daily high. Key is that this pair moved higher in an impulse and I will therefore be looking for a consolidation followed by a bullish continuation.

The 1 hour time frame shows a potential trade set-up within this consolidation. Hence on the 1 hour time frame we might see a sell set-up first that will complete the consolidation on the daily time frame. Let's see what the market present to us.

Updates will follow.


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Comment: I like to see a deeper correction before we see the bullish continuation for the set-up on daily time frame. I'll therefore be looking for a bearish break on the 1 hour time frame.
However if it breaks bullish in an impulsive structure we should shift our bias towards a test of 0.98.

For now I'm still looking for sells only.


I'll be looking for this consolidation to settle for another bearish break. I took 50% profit at 0.97.

USDCHF is consolidating after the bullish impulse on daily time frame. I like to see this consolidation take a little more time before we see the bullish continuation.
on USDJPY it already broke out and now consolidates in the direction with the probability to go both sides .
SamehAnwerMohammed SamehAnwerMohammed
I mean with " consolidates in the direction " it slows down and overlapping (making overlaps) and showing us a pattern with highs and lows close to each other .
SamehAnwerMohammed SamehAnwerMohammed
and for that it can break both sides so I drew trendlines upside and downside . RIGHT !
SamehAnwerMohammed SamehAnwerMohammed
IT IS MAYBE CALLED " diagonal wedge " or something !
TimStuyts SamehAnwerMohammed
I trade the trend so a consolidation means trade the trend continuation once the consolidation is finished. I don't trade break outs because the trend lines are a visualization and nothing more than that. Don't rush into trades because it is moving. I determine my bias, either long or short and adjust when the structure changes. The Yen pairs are consolidating and trading lower time frames might mean trade against a higher time frame trend. A wedge is in general is a reversal sign but nothing more than a sign. We need confirmation by means of structure. Hope this answers your question.
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