Trade Idea: Will The Bears Keep Pushing Lower On EURCHF
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: Will The Bears Keep Pushing Lower On EURCHF
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bearish
Key Levels: Broken support key level 1.1161 with next support at the 1.1056
Price Action Signal: Awaiting a break of support in line with the trend with a retest of the broken key level for a price action signal
Chart Notes: The EURCHF pair has been creating lower lows and lower highs in a strong bearish market.
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 key level of 1.1056 is broken lower and holds as a new resistance.
I will be looking for a strong bounce of this key level with a nice bearish reversal candlestick pattern.
(On this setup, It also may provide a 4-hour entry with a quick test of this key level)
This setup will have plenty of free space if price does break lower with the overall trend. 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.