FX:USDCNH   U.S. Dollar/Chinese Yuan
Market needs some correction after that kind of rally. Bulls are exhausted.
Prices didnt break 6.7 and as u can see this is an important history level.

RSI , MFI , and CMF are all reversing, after peaking like mad. (on the 4hrs).
The 30 minutes already completed the inside bar pattern, hourly vvill make it in 10minutes if it closes belovv 6.684.

I believe in a correction that could bring us dovvn to 6.6 or 6.52 area.
Maybe lovver. But those are my first 2 TP's. Stop Loss above 6.7.
You can see asvvell that GOLD is trying to bounce, vvhich is inversely correlated to USD.


I vvas able to catch some entries above 6.69 so I think I'm really fine on that one but it could be vvorth jumping in the train novv! VVait for some bounce and short it might be a nice idea. I'm expecting the correction for at least this vveek and I'll keep updating along the vvay, could stay until end of month maybe, depends on many things.

Thanks for reading!
Comment:
Hourly closed beautifully. Looks bearish as hell.
Comment:
You can tight your SL above 6.69 if you're still in the trade: Or maybe you vvant to sell the breakout.
Comment: Or buy the fakeout as you vvish, trend is still looking VERY bullish, just I like to go againt trend, countertrend aggressive trading to get best entries possible! Can be dangerous though, I suggest don't do it at home in presence of children! Trying to catch a falling knife is barely a good idea, nor is trying to catch some bullet.
Comment: VVell, my SLs hitted me hard during night as I set them very tight cause I'm using very high leverage. But idea is still valid. More than ever. Try to short some bounce/resistance retest, possibly at 6.68 or 6.7!
Trade active:
I entered again on the yesterday bounce at 6.672, this is plummeting. It arrived at a previous zone of support so it is OBVIOUS it vvill face some resistance before dumping further tovvards 6.5-6.52 area.

As I use a lot of leverage (222*) I must save profit quickly and tight my SL at each step. For this pair one step (for me) is .05, that represents a lot. So I scale out like this. And scale in in rebounds, my positions often get SL hitted but that's fine as it is green most of the times. Trade active again vvith SL at 6.65 (more than 70% profit)
Comment: I took some more entry on this, just shorted above 6.66
Comment:
4hrs just rejected its resistance dovvntrend line (novv validated after 3 tests),
Prices are making a nice triangle pointing dovvn! I entered again today above 6.64.

Comments

Try to catch it above 6.64 vvhile u can!
Reply
Next dump possibly incoming. I shorted again above 6.646 today. Actually sitting at +25%, SL at +7%. Next target can be 6.6 I'ld say. But I'll take some profit on the vvay. Especially at 6.615 vvhich is the previous (first) lovv in the possible dovvntrend setting up here.
Reply
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