2018May07 EURCHF H4 Trend Reversal
EURCHF has been on an uptrend for about 1 year now (Mar 2017). The slope of the diagonal channel has become steeper since 3 months ago (Feb 2018). There is a descending triangle on the H4 timeframe which adds confluence to my bearish bias. I am looking for a sell opportunity once the candle closes (waiting for confirmation) below the horizontal support (around 1.19356) of that chart pattern. As this is a bearish trend reversal setup, my take profit is conservative at the 38.2 Fibonacci retracement (1.19698) of the recent leg up with a reward-to-risk ratio of 1.50.
Trade Setup: Trend Reversal
Price Entry: 1.19356
SL 1.19796 | SL (in pips) 44.0
TP1 1.18698 | TP1 (in pips) 65.8
RRR1: 1.50
Trade Setup: Trend Reversal
Price Entry: 1.19356
SL 1.19796 | SL (in pips) 44.0
TP1 1.18698 | TP1 (in pips) 65.8
RRR1: 1.50
Trade closed manually
This setup is manually canceled with the formation of a new swing high. I consulted with my coach and was told that I should have maintained this setup as it was still valid. (May 7)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.