Confluence of 2 strong Trend Lines: potential BIG SELL
This is a continuation of my previous idea.
1) Price has now stalled at the long-term Resistance zone.
2) Along with that, we can also see the USDCHF is at the top of the broadening formation(Red Lines).
The confluence of these two strong resistance lines gives us a pretty strong bearish setup.
Price is also at the extreme now. So, it's likely that we will have a strong sell-off in the coming days.
Traders can look for sell entries between 1.0140-1.0160 with SL above 1.0180
TPs can be set at 1.0020, 0.9950 and 09870 respectively.
If you like this idea, please encourage me with your thumbs up. I appreciate your valuable comments and feedback.
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1) Price has now stalled at the long-term Resistance zone.
2) Along with that, we can also see the USDCHF is at the top of the broadening formation(Red Lines).
The confluence of these two strong resistance lines gives us a pretty strong bearish setup.
Price is also at the extreme now. So, it's likely that we will have a strong sell-off in the coming days.
Traders can look for sell entries between 1.0140-1.0160 with SL above 1.0180
TPs can be set at 1.0020, 0.9950 and 09870 respectively.
If you like this idea, please encourage me with your thumbs up. I appreciate your valuable comments and feedback.
To receive daily ideas and updates, don't forget to check my signature at the bottom of this idea.
Trade closed manually:
SL hit