Trade Idea: Decision Time For The Bears On 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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All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: Decision Time For The Bears On USDCHF
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bearish
Key Levels: Broken support key level 0.9857 with next support at the 0.9715
Price Action Signal: Awaiting a price action signal at the key area of resistance
Chart Notes: The USDCHF pair broke out in momentum at the support level of 0.9857 after a strong bearish impulsive move.
With a strong bearish bias that remains intact, I am watching for future bearish movement.
Potential Trade Idea:
I am considering selling this pair again if the broken key level of 0.9857 now holds as a new resistance.
I will be looking for a strong bounce of this key level with a nice bearish reversal candlestick pattern.
This setup will have plenty of free space, giving the trade idea room to head lower to the next key level of support and Daily lows.
This being a good location to take some profit of the table at this 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.
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