Trade Idea: EURCHF Bears Take Control Once Again
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: EURCHF Bears Take Control Once Again
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bearish
Key Levels: Broken support key level 1.1056.
Chart Notes: The EURCHF pair broke out in momentum at the support level of 1.1056 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’m considering selling this pair again, at the key level as price now holds as a new resistance.
With a strong bearish engulfing candle on today’s close. Could be the catalyst for the next bearish drop on this pair.
This setup will have plenty of free space, giving the trade idea room to head lower to the previous daily lows.
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.