USDCHF – Is a new downtrend underway? (double top in place)

7 Jun

When all this happens on a daily chart, I am always interested. My chart is self-explanatory but I will just add that I am looking for a pull-back. That could happen at the round number 0.9000 or perhaps higher up around the 0.50 or 0.618 retracement area of the most recent down move. Initial target can be around 0.8900 or 0.8700.
Recently, forex pairs have been rather choppy. Let’s see how this plays out.

This is not a trade recommendation.
Trading carries a high level of risk, so only trade with money you can afford to lose. Anything can happen in the markets at any time. Please use sound money and risk management in all your trades.
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Please comment and share your thoughts too!!

13 Jun

Trade aktif

The retracement was not large and I got an entry when I spotted a lower high on the H1 at 0.8982. Moving in the right direction although it seems choppy. Let's see how this develops, I am looking for an opportunity to move my stop to b/e.

14 Jun

Catatan

Decent movement in price, clean PA. Stop moved to a few pips below break-even. I see a big potential in this trade, let's see what happens next week.

15 Jun

Trade aktif

Price closed the week at significant support area and I will not be surprised if we see a large retracement. If anyone is still holding the trade, be ready for this.

17 Jun

Trade aktif

Yes, price did retrace but not a lot, now it back making moves to the down side. My trade stands at +99pips, so I am moving my stop to b/e.
I am optimistic that this will be a trade that could last several weeks.

18 Jun

Trade aktif

Multiple positions running now.