USDCHF is currently on an uptrend. Yesterday, there was a green candlestick which broke and convincingly closed above the previous resistance at around 0.94623. This level of resistance has been well respected in the past, February 8 and March 1. With idea of an old resistance becoming a new support and expecting a retest, I am placing an aggressive buy limit at that price. In addition, there is a bullish engulfing candlestick which completely consumed the 3 previous ones. Stop loss is based on ATR x 2 which is well below that candlestick. The take profit target will have the same number of pips by default. I plan to manually cancel the pending order if price goes to TP1 before getting triggered.
Trade Setup: Trend Continuation
Price Entry 0.94623
SL 0.93973 | SL pips 65.0
TP1 0.95273 | TP1 pips 65.0
RRR1 1.00
Status/Remarks: TP1 hit! :)
Trade Setup: Trend Continuation
Price Entry 0.94623
SL 0.93973 | SL pips 65.0
TP1 0.95273 | TP1 pips 65.0
RRR1 1.00
Status/Remarks: TP1 hit! :)