EURCHF – looking heavy … the week of 29 July, 2024
Updated
First of all, if you expect that every trade will be a winner, please move on. Don’t even bother to read this analysis.
We have a bearish move that began at the end of May that retraced about 62%. This was followed by another leg down that is currently retracing. I am bearish on this pair and hopefully, we will see a decent move up that gives us a better price to short (& a more reasonable stop loss). I have an initial target at 0.9487 region with the possibility of a 2nd target much lower. If price moved lower without retracing, I will not trade this pair. If price continues to move in a bullish manner, that will negate my analysis.
This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
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It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
We have a bearish move that began at the end of May that retraced about 62%. This was followed by another leg down that is currently retracing. I am bearish on this pair and hopefully, we will see a decent move up that gives us a better price to short (& a more reasonable stop loss). I have an initial target at 0.9487 region with the possibility of a 2nd target much lower. If price moved lower without retracing, I will not trade this pair. If price continues to move in a bullish manner, that will negate my analysis.
This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
If you like my idea, please give a “boost” and follow me to get even more.
Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
Trade active
Nice movement down with very little retracement. I also took a short on USDCHF, both positions showing nice profits with stops moved to b/e.Trade active
Target 1 (0.9490) reached and 50% position closed. For the balance position, a trailing stop is being used.
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