Trade Idea: Bears Form A Inside Bearish Candle On The USDCHF
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
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Potential Trade Setup: Bears Form A Inside Bearish Candle On The USDCHF
All charts I provide are of the Daily time frame unless stated otherwise.
Key Levels: Broken support key level 0.9803 with next support at the 0.9695
Price Action Signal: Inside bearish candle at the key level 0.9803
Chart Notes: The USDCHF pair has been in a bearish trend, after price started to move sideways. Then broke out in momentum at the support level of 0.9803 after a strong bearish impulsive move.
With a bearish bias that now remains intact, I am watching for future bearish movement.
Potential Trade Idea:
I am considering selling this pair after the bearish inside candle formed at the key level of 0.9803 targeting the previous lows of 0.9695.
This setup will have plenty of free space, giving the trade idea room to head lower to the next key level of support.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
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Now is your turn:
How are you planning this setup? What are you looking for to catch the next bearish move with this pair? Just leave any question or comments below.