USDCHF: Recent Trendline Breakout, Temporarily Bullish
Updated
Price has recently broken out of the (D) descending channel. It then pushed up to meet the (D) 50% Fib retracement level and proceeded to the downside to retest support. The price has now broken out of the (4H) downtrend line. I anticipate the price will retest and reject this level of support, and temporarily continue to the upside.
**Rationale:**
L1:
~ Break of channel (D)
L2:
~ Retest of support (D)
~ Impulse wave completion
L3:
~ Break of trendline (4H)
~ Retest of support
**Disclaimer:**
My trading ideas are market predictions and therefore should be viewed as such. As an intraday trader (scalper), I use my observations to identify potential trade opportunities on the higher time frames. I then aim to pinpoint key entry points on the lower time frames. Entries should always be verified by additional confirmations.
** Annotations:**
Categories:
1. Naming: (N1)
2. Labeling: (L1)
3. Forecasting: (F1)
Sub-categories:
1. Naming: (N1.1)
2. Labeling: (L1.1)
3. Forecasting: (F1.1)
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#scalping
#intraday
**Rationale:**
L1:
~ Break of channel (D)
L2:
~ Retest of support (D)
~ Impulse wave completion
L3:
~ Break of trendline (4H)
~ Retest of support
**Disclaimer:**
My trading ideas are market predictions and therefore should be viewed as such. As an intraday trader (scalper), I use my observations to identify potential trade opportunities on the higher time frames. I then aim to pinpoint key entry points on the lower time frames. Entries should always be verified by additional confirmations.
** Annotations:**
Categories:
1. Naming: (N1)
2. Labeling: (L1)
3. Forecasting: (F1)
Sub-categories:
1. Naming: (N1.1)
2. Labeling: (L1.1)
3. Forecasting: (F1.1)
---
#scalping
#intraday
Note
Fulfilled:Almost picture perfect outlook.
I'm personally going to close this one out now.
If you managed to secure a good entry, you should be walking away with approximately 70 pips.
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