USDCHF: Triangle and Possible Sell Opportunity
The price could not break the resistance zone at 0.98500 and make a new high. SMAs stopped the upward movement, and we got a reversal.
We have a higher swing low and a lower swing high. Based on them, we can draw a triangle chart pattern. The breakout from this pattern will be able to show further direction for the market.
I don't want to talk about the upward movement, as we have the strong resistance zone. This market looks much more interesting for selling. If the price breaks the local uptrend line, it will be a sell opportunity. The exact entry points for sell trades can be in the daily and hourly charts.
All trades must be used with stop orders above the local swing highs and the local downtrend line. Risk per trade must be no more than 1% of the capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
We have a higher swing low and a lower swing high. Based on them, we can draw a triangle chart pattern. The breakout from this pattern will be able to show further direction for the market.
I don't want to talk about the upward movement, as we have the strong resistance zone. This market looks much more interesting for selling. If the price breaks the local uptrend line, it will be a sell opportunity. The exact entry points for sell trades can be in the daily and hourly charts.
All trades must be used with stop orders above the local swing highs and the local downtrend line. Risk per trade must be no more than 1% of the capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Disclaimer
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