2018May22 USDCHF H4 Trend Reversal

May 22, 2018

USDCHF has been on an uptrend and then sideways consolidation. There is a descending triangle whose horizontal support has been broken by a red candlestick closing at 0.99495. As such, I am placing a sell limit at 0.99633. I expect that if price comes back to that level, it would become a new resistance. Stop loss is based on ATR x 2 while the take profit target would have the same number of pips by default. I plan to cancel this pending order if price goes to TP1 before getting triggered.

Trade Setup: Trend Reversal
Price Entry 0.99633
SL 1.00133 | SL pips 50.0
TP1 0.99133 | TP1 pips 50.0
RRR1 1.00

Jun 9, 2018

Note

This setup is canceled as price did not retrace to 0.99633 before going to TP1. (May 23)