Weekly Context For the Swissy Short
There's a strong weekly bear trend on USDCHF.
Price is currently forming a retracement into the last bear trend leg. The bull bars are very weak compared to the bear ones.
Also, there have been a lot of consecutive weak bull closes, which increases the likelyhood of a bearish reversal.
The chart seen in the daily short setup post (see below) is just the consecutive bull bear bars on this daily chart. The daily timeframe adds several reasons to go short. This weekly chart can trigger a standalone sell signal in case an L1 forms, which means, in case the last weekly low is broken. In that case we could go short targeting the low of the trend, but an L2 would be better. An L1 would be good if there's some other reason to short, like a strong signal bar such as a bear reversal bar, bear i-Bar, or any strong signal bar.
Have a good trading week and remember, no trading advice in here.
Price is currently forming a retracement into the last bear trend leg. The bull bars are very weak compared to the bear ones.
Also, there have been a lot of consecutive weak bull closes, which increases the likelyhood of a bearish reversal.
The chart seen in the daily short setup post (see below) is just the consecutive bull bear bars on this daily chart. The daily timeframe adds several reasons to go short. This weekly chart can trigger a standalone sell signal in case an L1 forms, which means, in case the last weekly low is broken. In that case we could go short targeting the low of the trend, but an L2 would be better. An L1 would be good if there's some other reason to short, like a strong signal bar such as a bear reversal bar, bear i-Bar, or any strong signal bar.
Have a good trading week and remember, no trading advice in here.
