USDCNH [Daily, Long]: Breakout
Updated
Long term trend is short as price is below the 200MA. Price has consolidated near the resistance, forming an ascending triangle pattern. On the 4hrly chart, an inverse head and shoulders pattern has formed with the resistance as the neckline. There is strong bullish momentum on the candles on the 4hrly chart.
I'd enter on the 4hr chart using a buy stop entry just above previous structure high. Stop loss just below the previous swing low. Trail the price and exit manually if the price closes below the previous daily candle low.
I'd enter on the 4hr chart using a buy stop entry just above previous structure high. Stop loss just below the previous swing low. Trail the price and exit manually if the price closes below the previous daily candle low.
Trade closed: stop reached
Hit trailing stop, profit of 0.15R
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.