USDCHF ONE HOUR BREAK AND RETEST SHORT TRADE SETUP

27 nov. 2016

Hi everyone:

Here is my view on USDCHF SHORT, Any type of feedback is greatly appreciated it. Thank you

Trade: #2

Date: 11/28/2016

Time: 18:00 GMT

Forex Pair/Commodity: USDCHF

Position: SHORT (SELL)

Reward/Risk: 3+:1

Opportunity:

Weekly: Price action has hit a strong resistance zone , formed a high test candle
Daily: Over extended run after the US election, formed a strong doji at the top of the run,
followed by a bear engulfing candle
4 Hour: Price action broke down the support trend line, and retest the 20 EMA and main pivot
Point, falling MACD
1 Hour: Broke down strong support trend line after 4 tries, pulled back to 0.38s fibs
replacement, 20/50 EMA, and main pivot point, MACD made a double tops

Looking to take this pair to previous strong horizontal support/resistance line @0.9950 and daily
0.382 fibs retracement

Thank you for your support

27 nov. 2016

Note

Correction: The date should be 11/27/2016

28 nov. 2016

Note

Set stop loss at break even entry price of 1.01422.

28 nov. 2016

Trade fermée manuellement

1 hour showed a mini double bottoms. Close the trade for 1:1 reward/risk @1.0102.