2018May31 USDCHF H4 Trend Continuation
USDCHF has been on a downtrend. There is a double top with a break of neckline and a new swing low. I am placing an aggressive sell limit at 0.99315 which is the 61.8 Fibonacci retracement from the right top to the swing low. Stop loss is just above the right (higher) top while the take profit target is at the swing low. If price goes to TP1 before the pending order is triggered, then I will cancel it. The trade setup is as follows:
Trade Setup: Trend Continuation
Price Entry 0.99315
SL 0.99881 | SL pips 56.6
TP1 0.98479 | TP1 pips 83.6
RRR1 1.48
Trade Setup: Trend Continuation
Price Entry 0.99315
SL 0.99881 | SL pips 56.6
TP1 0.98479 | TP1 pips 83.6
RRR1 1.48
Note
This trade setup is canceled with the formation of a new swing low.
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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.