USDCHF SELL
There was massive amount of selling last week Thursday 18/07/2019, this is witnessed by the significant amount of volume that came in on the day followed by a massive push to the downside. Price has now retraced 50% of that move and put in a pinbar candle formation which is also a "no demand" VSA candle because there is no volume on the upbar indicating that there are no buyers, the no demand is confirmed by a massive bearish Engulfing candle, therefore we can expect price to turn around from this point and continue to sell off. There is also additional confluence with the 200 EMA acting as a dynamic resistance level , then a third touch of the downwards trendline all meeting at the 50% fib retracement. Stops is placed right above the pinbar, sell entry right after the bearish engulfing and first take profit at 1:1 with second TP at 2:1 should price break past the previous low.
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.