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olly48
Feb 17, 2021 10:39 AM

USD/CHF Short After Retrace Short

U.S. Dollar / Swiss FrancFOREX.com

Description

Looking to short this since it has made a retrace back to 0.5 Fibonacci. For safer entry wait for EMA's to cut for short and MACD to remain below 0 which would confirm this is staying bearish.

Target is the low of support at 0.88389
SL is set just above 0.618 Fib around 0.89800 area
Comments
RossTyler
Nice idea lets see if it plays out
Pampski
@RossTyler seems it didn’t play out
RossTyler
@ysmiri, Can't win them all, nice idea, after all technical analysis is just an idea of what MIGHT happen.
olly48
US retail sales figure was a lot better than expected, USD shot up across the board. Should be a short term effect
RossTyler
@olly48, price come back into play now, shame SL would have triggered
olly48
@RossTyler, yeah this pair was slightly more wild than other pairs on that move. That is why it is important to monitor them in real time before entering a trade and making sure the signs are there that the price is going to turn
RossTyler
@olly48, Idea was correct, just didn't work out, next one could. I don't use analysis or try and work out signs anymore but appreciate the work 👍
olly48
@RossTyler, thanks, I appreciate your support
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