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Roker1
May 8, 2018 7:37 AM

Short pattern on USDCHF Short

U.S. Dollar/Swiss FrancFXCM

Description

Hi guys,

i've been looking at this pair often lately, and i'm still looking to sell this because i think we need to see a relief rally before eventually continuing to the upward direction. At this moment, we're testing a very strong resistance level, both weekly and daily, and we're doing so in overbough condition (heavy overbought). On a lower timeframe, such as the 4H, you can see price is still overbought and has created a nice reversal pattern in the form of a pinbar + an engulfing to the downward side. I'm taking this short, with stops and targets as showed.

If you have any question/idea, feel free to share it below.
Otherwise, see you in the next chart!

Trade closed: target reached

First target hit! Stops moved to breakeven
Comments
UnknownUnicorn478105
Thanks for the insights, appreciate it ! Would you consider the TP 1 and 2 as those your have marked on the chart? (light and dark green) Thanks.
Roker1
@spezimuc, yes, maybe second target could be moved as we get closer to it (if there's some strength)
UnknownUnicorn478105
@spezimuc, a stronger reversal is not an option ?
Roker1
@spezimuc, the daily trend is upward, so i'm assuming this is a retracement
UnknownUnicorn478105
@Roker1, thanks!
CBMotivation
Agreed, I'm in it now. Short term sell, than a big drive back up to the weekly highs
Roker1
@CBMotivation, on the same track!
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