Short

CHF, Double Top, entering short

Updated

Hello Traders, price tried to surge up above trend resistance line but looks like it failed to do so, CHF re-entered the channel and formed a DOUBLE TOP pattern. I see it as a potential major trend reversal. I am entering short placing my stops above the "double top" pattern. My target is in the 0.9700 area. I am expecting some sort of consolidation at the channel support line, when and if price breaks below it, we can expect downward movement to accelerate.

Trade closed: stop reached

Note

That is a very strong support line, meaning that when it will be broken we can expect a good move down. I will reenter short once price braked below the support. Patience.

Trade active

Re-entering short. Stop above 1.0020

FX_CouchPotato

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