Short

USD / CHF - Sell the pullback - SHORT

Updated

I've entered this trade after we pulled back into 0.99, previous support, now confirmed resistance and we're now retesting 0.983, a major support level since 2015, which with today's weakness of the US$ I'm expecting to break today, it'll be interesting how the bulls respond to that level.

Long-term we're in a range between two major weekly fib levels, 61.8% @1.0 and 50% @0.942.

First target below the support level, 50% retracement of the current move up, too 0.965 with a view to the bottom of the range between 0.955 and 0.94200 it could take a few weeks to get there, I will close my trade should we pull back towards it, in order get a better position, this has happened before, so I'll be watching those levels closely.

Note

Weekly Currency Strength and the Swiss Franc is a little more positive than the $, a move down below 0.9500 by the $ will see us break that level, as long as the CHF can keep it's level.

Trade active

Stops above 0.9920 - target 0.97

Trade active

Added to my positions, beautiful move down after rejecting 0.989

Note

We're pulling back before the US PMI

Note

My trade is above the daily open, set to breakeven, this pair can move rapidly in either direction and I'm not prepared to sit on a loss after a positive US report.

Trade closed: stop reached

Breakeven stop reached, will re-open when it comes back up

Trade active

Patience pays, my order was filled at 12 today @0.988 and we've shot straight through the previous close; if we can break 0.982 we're going much lower to 0.975

Note

Trade closed manually

Profits taken, bulls aggressive again, likely going back to the top of the range. I will sell it down for the 4th time

Trade active

@98250 We're at support @0.982 this morning which is significant for this pair, it's taken two weeks to get here, once broken we're going lower to 0.975, we'll likely reverse before then to retest the support level, but the targets in this idea still stand while the DXY is pulling back.

Note

The break has happened, turning into a lovely set of trades

Note

The bears are coming.....

Note

Lovely profits on this today, long time waiting

Note

Any doubt this is going lower, look at that 1h pinbar

Note

If you're making lots of trades per day and risking more than a few % of your trading account on each trade, and trading lots of the same pairs all the time, your not trading, your gambling and badly. That maximum I ever trade is 5% of my entire trading account and that's to the top of my stop loss and that's only if the set-up is a 5 star, I may do that once a week if I'm lucky, it's normally closer to 1-3%

Don't trade to just be in the market in the hope of catching a move down or up, against this is gambling and not trading. Set your position size based on where the stops are relative to the previous structure.

If you're a total beginner trading with real money just following other traders, firstly you are crazy, secondly, I wouldn't trade more than 0.25% in that instance, if I was happy just following others, always do your own analysis and within your own trading plan / account management.

Note

Very profitable trade over the last 7 days, and now it's broken support and moving down, free trade with no risk and added to my position on pullbacks

Note

50% profits taken, letting the rest ride

Trade active

Selling to the green zone

Note

I've no idea why anyone expected the US$ to rocket with the economic picture, hardly moved after an interest rate move

CBMotivation

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.