Expecting price to retest 7.5k .
2 potential options
Option 1 :
Aggressive sell limit - Lower R:R ratio but 100% guaranteed entry if price moves lower
Option 2 :
Sell on retest - Much higher R:R but price move lower without triggering you in.
Personally prefer option 2.
Price has had major rejections off weekly levels and is forming lower lows and lower highs.
We have now formed a valid (as per my trade plan) head and shoulders pattern)
Shorting until Support zone below but will remove 50% of risk when we retest zone marked with teal.
Big rejection that has caused the formation of a DSZ above.
2 Scenarios that are of interest to me :
A) Pullback into zone where I will be looking for valid entry trigger to the downside into DBZ. (Yellow arrows).
B) Pullback into DSZ above where I will be looking for valid entry pattern to the downside ( Potentially into DBZ but will take note of price...
Entered daily resistance & price looks like potential short formations are developing.
2 Scenarios I am watching.
A) Price goes back up to retest the high, in which case I watch for a valid (as per my trade plan) double top. (Yellow arrows)
B) Price hits short term support = deep retracement = presence of sellers above, in which case I watch for the formation...
Daily trend - down
At time of posting, 76.80% of Oanda positions are Long this pair.
66.3% are Long USDCHF.
Double top has occurred. Ready to short.
Move to breakeven if price gets to arrow level (~1.17) as daily structure is below.