Potential Long Position for USD/CHF_Trade Plan 2017.08.04
Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level
D1 shows the overall trend is still down with price holding above below MA200.
However, for the last 1-2 weeks, price shows a great rejection from the bottom and bouncing up higher.
Currently in H4 and H1, price is hold slightly above major daily support area around 0.96493 - 0.96827 and above MA200.
Price seems consolidating between 0.96298 - 0.97219 for the last 1 week.
Trade Plan:
If price pull back to the confluences of support area around 0.96298 - 0.96430 (Price Structure, MA200, Fibo Ret 38.2%) and rejected up, long the market.
With Stop Loss 30 pips and Target Profit 60 pips, the potential trade offers 2.00 Reward-to-Risk Ratio.
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