USD/CHF BULLISH REVERSAL OR BEARISH BREAKOUT
Updated
Comment
A triangle is in formation.
Comment
The triangle were breached and I thus set a rectangle which has also been breached.
Trade active
I have opened a position as indicated. But I will still be watching out for the possibility of a reversal or support at levels indicated on the chart.
Trade active
The last candle (on the chart above) has retracted into the box, delaying the bearish stance. I had put a wide stop loss, otherwise I would have been taken out of the position.
LESSON: Wait for candle closing before entry decisions.
Comment
Bearish stance is still strong as the double hanging man candles has been formed inside the channel. Although, preceding strong move could cause price to move higher if has not deteriorated
Comment
As can be seen, price could still make a strong bullish move
Trade active
After what I I suggested might have been a hanging man in formation, a strong bearish candle followed which were then retracted with weak bullish candles that keeps on suggesting that my bearish stance might be strong.
Although, I will keep on watching for further confirmations.
So far this might just be a paus in a pending bullish move.
Comment
Still waiting for further changes
Comment
This moment I have to be keen to watch out for what might hapen because price is right on the channel resistance, hence can display its bias.Comment
Despite what I thought could have been some bearish strength for, price made a strong bullish move away from the blue box.
Comment
It has crossed the last swing high (as indicated) and is now testing the resistance level of a major triangle as can be seen in charts bellow.Trade closed: stop reached
My position were crossed by a stop loss orderLESSON: When price is at a major zone, anything can happen, a breakout, reversal or range. Just pay attention to the price.
Comment
NEW OPPORTUNITY:As price is currently around the resistance zone, a good opportunity can be created by the breakout, reversal or range. I will be watching the progress with a keen eye.
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