OANDA:USDCHF   U.S. Dollar / Swiss Franc
This mark up goes hand in hand with our USD/JPY technical mark up again you can see this market making a series of higher highs and higher lows, Also confirming an ascending trend level logically speaking we should see a continuation to re test the previous shoulders as marked on the chart how ever this is forex and we could also anticipate a break out as the highest price traded previously has come from a strong previous resistance as you can see on the macro picture if we where to trade the break out we would like to await a clean break of the neckline this will entice sellers in to the market but not before we see a pull back to collect stop losses of un educated retail investors we will await a break of the neck then asses the pull back to retest the previous ascending trend support as a trend resistance using the trend reversal for our market reversal confirmation.
This trade will need patience and a good understanding of the live chart.
Comment: the neckline was broken how ever we missed the re test of the trend as the market spiked we are currently awaiting a re test with further confirmation to give us a short bias / entry
Trade active
Comment: approaching our first target @0.9990
Comment: 1st target hit we are now trading risk free
For anyone interested.
asesment of this pairs current situation.
We have closed below our 1st target, you can now see a pull back to retest the price as a resisitance this area is also aligned with a previous support which we could now become resistance i would now like to see selling pressure come in to the market and for the market to contiue making lh and ll to give me confidence in a continuation.
Comment: We have added a second entry using a sale limit at 1.0014
Comment: pending order cancelled.
Comment: scaled in at the 1.0000 handle
Trade closed manually: closed both positions for a combined +120 pips!