We have here two scenarios
FIRST: the price is being rejected in a relevant resistance which does not manage to break or overcome significantly since November 7, so I am looking for a rejection candle to go on sale until level 50 of the fibo that I trace, getting about 40 pips approximately.
SECOND: my second scenario is the formation of a double ceiling, to...
USDCHF lose some power and it closed pretty bearish. I'll be looking to go short here, as I know that bearish pin bars after that kind of strong bullish closes are more like a "trap", but risk/reward ratio is not bad, and I'll take it with smaller risk.
My trade idea here is:
USDCHF SELL BELOW 0.9920
SL 1.0000 (-80 pips)
TP 0.9800 (+120 pips, Key zone)
As you can see from the graph above we are on a great UP trend We believe that the price will go towards the model called Dubel Top on 1.0261 and this our target
Entry Price: 0.9970
Stop Loss: 0.9910
Take Profit: 1.0260
Trending down USDCHF. If the trend maintains its structure, we may see a small bounce followed by a heavy downtrend. Since price is at the lower trend/channel I am looking for a sell entry closer to the upper channel/trend to ride it back down.
According to my impressionist trading, I start selling USDCHF now.
Technical Analysis and Fundamental Analysis both signal to short USDCHF now.
We need money management according to our investment capital but it is time to Sell now.