Trade setup:
- Great run on the daily for NZD/CHF with some 1% up.
- Retrace bound to happen, just being denied at previous resistance level.
Reasons for trade
Chart
- Price overextended for a one day run, bound to retrace
- Denied at previous resistance level, which coincides to be R2 on chart
- Slight double top formation
Oscillators
- RSI sitting at around 70 on the 1 hr chart, which almost always means turnaround
- Stochastic topped out.
- Both indicators show bearish divergence
Entry
- Just entered, as close as R2 .67940 as possible
Exit
-Would enjoy some input. Dabbling between more conservative and more aggressive targets. Either .67750 or .67540
- Big move implies big retrace
Stop
-Been losing so many good trades due to weak stop losses, putting this one .68050, a good 11 pips above the top resistance level.
-Input appreciated on this one
- Great run on the daily for NZD/CHF with some 1% up.
- Retrace bound to happen, just being denied at previous resistance level.
Reasons for trade
Chart
- Price overextended for a one day run, bound to retrace
- Denied at previous resistance level, which coincides to be R2 on chart
- Slight double top formation
Oscillators
- RSI sitting at around 70 on the 1 hr chart, which almost always means turnaround
- Stochastic topped out.
- Both indicators show bearish divergence
Entry
- Just entered, as close as R2 .67940 as possible
Exit
-Would enjoy some input. Dabbling between more conservative and more aggressive targets. Either .67750 or .67540
- Big move implies big retrace
Stop
-Been losing so many good trades due to weak stop losses, putting this one .68050, a good 11 pips above the top resistance level.
-Input appreciated on this one
Trade closed: target reached
Amazing, like the Oracle of Delphi.
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.
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.