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Long

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:
snapshot

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.h1979
a year ago
Hi,
i think a break of .9844 would be a good indication to go long
Reply
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.
Reply
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
Reply
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.
Reply
a.h1979 Synapse
a year ago
i would prefer to revisit the .9847
Reply
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