EURCHF potential downtrend forming
Updated
D1: Price stalling at resistance zone and might turn downtrend depending on today's closing.
H4 and H1: show downtrend is forming, confirm when price break current support level and continue the current pattern.
Entry
Once downtrend confirmed on lower time frame (H1), short @ retracement zone and bounce (H1 resistance), exit upon H1 market structure shift (for risk management, imaginary SL @ 0.94745).
Scaling in
As H1 trend unfolds, add to position gradually upon price retrace and bounce from key zones, exit position upon H1 market structure shift.
This trend has plenty of room to scale in if market gives the right signal
Target Profit
Higher end of daily support zone @ ~0.92843.
Time Horizon
1-10 days
Just an idea, I might be wrong, not financial advice :P
Trade active
Price continue break lower and retracing, trade entered.Note
Price going well, scaling in.Note
Zone is being established on H4, wait for new cycle to add to position.Trend is still remain, for now.
Note
Price is still in low time frame trend, looking to add to position at retracement.Price move too fast, might cause reversal, especially price also hovering near support areas.
Note
H1: Price shows early sign of trend reversal.D1: Price shows price is trending but in retracement.
Holding for now.
Note
Alright, seems like it is playing out well, added to position. TP readjusted, exit on trend H1 shifting.Trade closed manually
Price seems to enter consolidation.
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