USDCHF - Unfilled Sell Orders
Updated
This idea is based on my understanding of price action
In the red zone are some unfilled sell orders placed. Probably we will see a pullback from that zone. We are looking for a short entry if price reaches the bottom line of the zone. Our SL will be above the upper zone line. If we get an entry, our target will be the yellow line.
The yellow line marks the beginning of our compression zone.
Compression zone means, that there won't be any buy orders left in = No resistance on the way to our target.
Let's see if it workes out!
Levels: (around)
Entry Short: 0.9955
SL: 0.9979
TP: 0.9703
In the red zone are some unfilled sell orders placed. Probably we will see a pullback from that zone. We are looking for a short entry if price reaches the bottom line of the zone. Our SL will be above the upper zone line. If we get an entry, our target will be the yellow line.
The yellow line marks the beginning of our compression zone.
Compression zone means, that there won't be any buy orders left in = No resistance on the way to our target.
Let's see if it workes out!
Levels: (around)
Entry Short: 0.9955
SL: 0.9979
TP: 0.9703
Note
Risk-/Reward ratio on that trade is around 10.3, which is extremely good if it works out. Stay tuned guys.
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