We've been monitoring
USDCHF
closely and are seeing consistent signs that align with the higher timeframe bearish trend. The recent price action has flirted with our defined entry zone multiple times, and while we’ve scalped some profits on smaller moves, the anticipated significant drop still seems to be on the horizon.
Here’s the game plan:
Entry Point: We're eyeing the 0.75 Fibonacci retracement level at around 0.88516 (marked by the gold line) for our entry. It’s proven to be a strong resistance area in the past, and we’re expecting it to hold.
Stop Loss: To keep the risk tight, our stop loss is placed just above the recent swing high at around 0.88924. This gives us enough room to breathe while not exposing us to unnecessary risk.
Exit Points: We’re setting up for a substantial move to the downside. Our initial take profit target is at the 0 level on the Fibonacci, placed at 0.87293, with a stretch goal to the significant support zone around 0.87000.
This trade aligns with the prevailing bearish trend on the higher timeframe, and the current price consolidation near our entry zone suggests a buildup for potential downward momentum. With the MFI indicator showing bullish conditions, we’re wary of a possible surge in buying, but the overall bearish sentiment gives us confidence in our setup.
As always, patience is key. We’ve set our parameters and now we wait for the market to come to us. Keep an eye on price action near our entry point and be ready to capitalize on the move when it happens.
Stay disciplined, manage risks wisely, and let's catch the next big wave!
USDCHF
closely and are seeing consistent signs that align with the higher timeframe bearish trend. The recent price action has flirted with our defined entry zone multiple times, and while we’ve scalped some profits on smaller moves, the anticipated significant drop still seems to be on the horizon. Here’s the game plan:
Entry Point: We're eyeing the 0.75 Fibonacci retracement level at around 0.88516 (marked by the gold line) for our entry. It’s proven to be a strong resistance area in the past, and we’re expecting it to hold.
Stop Loss: To keep the risk tight, our stop loss is placed just above the recent swing high at around 0.88924. This gives us enough room to breathe while not exposing us to unnecessary risk.
Exit Points: We’re setting up for a substantial move to the downside. Our initial take profit target is at the 0 level on the Fibonacci, placed at 0.87293, with a stretch goal to the significant support zone around 0.87000.
This trade aligns with the prevailing bearish trend on the higher timeframe, and the current price consolidation near our entry zone suggests a buildup for potential downward momentum. With the MFI indicator showing bullish conditions, we’re wary of a possible surge in buying, but the overall bearish sentiment gives us confidence in our setup.
As always, patience is key. We’ve set our parameters and now we wait for the market to come to us. Keep an eye on price action near our entry point and be ready to capitalize on the move when it happens.
Stay disciplined, manage risks wisely, and let's catch the next big wave!