EURCHF Price Approaching Key Zone
Updated
Still a beginner so bare with!
As you can see; Higher prices are being rejected at the key resistnace level 1.09752. buyers have tried to push and close above it on the daily chart; But just couldn't succeed. Fridays daily candle finished extremely bearish and theres a strong rejection of higher prices towards the resistance level; There has been a huge bearish engulfment from Thursday and Fridays Candle on the daily so I am expecting price to drop and fall down all the way down to Near Term Strong support level at (1.08631);
If price does fall down to this near term support level and respects it? Then we could then see another test of the resistance at 1.09752; And if buyers fail to break this confidently again then we may have a double top on our hands and expect a huge downward move to force through the near term support.
But for now, I am just going to try and join in on any downward continuation signals (on 1hr/4hr) towards the near term support[Will update when I find an entry] and then see how price reacts to the support.
Im expecting a fairly bearish next few days
As you can see; Higher prices are being rejected at the key resistnace level 1.09752. buyers have tried to push and close above it on the daily chart; But just couldn't succeed. Fridays daily candle finished extremely bearish and theres a strong rejection of higher prices towards the resistance level; There has been a huge bearish engulfment from Thursday and Fridays Candle on the daily so I am expecting price to drop and fall down all the way down to Near Term Strong support level at (1.08631);
If price does fall down to this near term support level and respects it? Then we could then see another test of the resistance at 1.09752; And if buyers fail to break this confidently again then we may have a double top on our hands and expect a huge downward move to force through the near term support.
But for now, I am just going to try and join in on any downward continuation signals (on 1hr/4hr) towards the near term support[Will update when I find an entry] and then see how price reacts to the support.
Im expecting a fairly bearish next few days
Note
So far looking good, week fairly bearish. Inside pattern formation formed on the daily, I have set a sell stop order on the break of the mother bar (daily candle that formed on Friday).Hoping for a 1:3 ratio. Lets see how it goes! looking promising so far
Trade closed: target reached
I entered on the break of the Mother Bar (From the Inside Bar Formation) I managed to get in at a price at 1.09183.I placed my stop loss at the 50% retrace of the Mother Bar (1.0953)
Placed My
1st TP at (1.0848)
2nd TP at (1.0813)
But I closed my position manually for a profit at 1.0881 (37 pips) because I located a nearby support region and didn't want to risk it!
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