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Usdchftrade

USDCHF TRADE IDEAUSDCHF lose some power and it closed pretty bearish. I'll be looking to go short here, as I know that bearish pin bars after that kind of strong bullish closes are more like a "trap", but risk/reward ratio is not bad, and I'll take it with smaller risk. My trade idea here is: USDCHF SELL BELOW 0.9920 SL 1.0000 (-80 pips) TP 0.9800 (+120 pips, Key zone) TP2 0.9550 (+370 pips, only if price break below the trend line) USDHCF BUY ABOVE 1.0000 SL 0.9925 (-75 pips) TP 1.0110 (+110 pips)
Short
by Trade-Insider
Interactive - share your thoughtsFX:USDCHF Ok, so I can see a clear break of the trend line and it is currently being tested from the under side. So this looks like a classic support and resistance setup..... BUT Did you see the massive inverse head and shoulder pattern on the weekly time frame? Did you see the ascending triangle pattern on the Monthly time frame? My opinion would be to trust the higher time frames as there is lesser noise and the analysis is more "trustworthy". So if the higher time frames are showing strong bullish possibilities it means that the H4 setup could prove to possibly fail OR The bullish moves could fail and the bears prevail, price is around a key level after all and anything could happen. I would give it time to see what is indicated through price action before opening a trade... What are your thoughts? Feel free to share.
by Cmasterza