2018Nov19 USDCHF D1 CRT-Bearish Engulfing
USDCHF has been on a recent uptrend with an RSI bearish divergence. There was a break of the short term trendline support with a bearish engulfing pattern. Therefore, I am placing a sell limit order at 1.00357. Stop loss is just above the swing high while the take profit target is at the 38.2 Fibonacci retracement level of the long term upswing. I will cancel the pending order if price goes to TP1 before getting triggered. Trade details are as follows:
Trade Setup: CRT-Bearish Engulfing
Price Entry 1.00357
SL 1.01335 | SL pips 97.8
TP1 0.99045 | TP1 pips 131.2
RRR1 1.34
Trade Setup: CRT-Bearish Engulfing
Price Entry 1.00357
SL 1.01335 | SL pips 97.8
TP1 0.99045 | TP1 pips 131.2
RRR1 1.34
Order cancelled
Price did not retrace to my entry level and almost hit TP1. (November 20)
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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.