USDCHF - Long Opportunity - 1 Hour to Daily TF

FX:USDCHF   U.S. Dollar/Swiss Franc
a year ago
USDCHF             saw a breach of a key resistance level during Monday's trading hours that gives rise to another trading opportunity. Base picture above shows the Daily chart and a closed candle outside of a wedge formation.

2 Ways to trade - Depending on your own personal style of trading there are 2 recommended ways to approach this set up.

Pending Buy Stop: .9840 - This would confirm a new and higher high after the daily breach.
Pending Buy Limit: .9800 - The more aggressive approach, anticipating yet another retest of the now key support level .

Stop Losses recommended to be placed at .9700 and no higher than .9750.

Target 1: 1.0000
Target 2: 1.0200 - Aiming for the highs of 2015

Things to look out for once the trade has begun:
  • Daily close below .9790 would give reason to reconsider this position in the market.
  • Once a new high has been set and closed at on the hourly chart above .9840, move stop loss to .9800 regardless of level used.

Closer look at 1 Hour Time Frame:

Please do your own analysis before entering any trades and make sure you have a stable plan of action in place.

As always, please leave comments, concerns and feedback they are appreciated.
a year ago
Trade active
a year ago
Comment: First Target reached - SL to breakeven.
a year ago
i think a break of .9844 would be a good indication to go long
Synapse a.h1979
a year ago
I agree! .9844 would represent a new high from yesterday's daily candle. We already have a retest from the hourly chart yesterday. Current trading high is .98476, any entry between .9800 and .9840 is our confirmation.
a.h1979 Synapse
a year ago
on M30 time frame potential for long but still no confirmation of breaking the .9844 tested for the 3rd time today 3rd test still in play
Synapse a.h1979
a year ago
Final confirmation for me is just setting a new high, after a confirmed close break, a successful retest, price does not need to close above the previous extreme (high/low, high in this trade's case) it just needs to set a new one. Daily High yesterday was .98379, our current high is .98479, 10 pips higher.
a.h1979 Synapse
a year ago
i would prefer to revisit the .9847
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