USDCHF Past Trade Idea – 18th May 2017

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USDCHF has been very bearish for the last 5 trading days. The price has kept making new lower lows on the H4 chart without having too many pauses. Today’s price action suggests that the pair might take some corrections up to the New York open. If the New York open produces an H4 bearish reversal candle, then selling the pair would get us some green pips. Let us find out the level where the reversal candle to be produced.

• Sell Limit Order: 0.98190
• Stop Loss Level: 0.98700
• Take Profit Target: 0.97450
• Validity: 24 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

There are many types of reversal candles such as Engulfing, Pin Bar, Doji, Hammer, Inverted Hammer, Inside bar. Among them, Engulfing reversal candle and Pinbar reversal candle are strong reversal candle patterns. The rest of them work well as well, but they do not work as well as Pinbar or Engulfing do. As a trader, we have to have a very good understanding of the reversal candlestick pattern. In the Forex market, this is known as “Japanese candlestick pattern”.

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We hope that you enjoy our Free Forex Trading Signal today: USDCHF Past Trade Idea – 18th May 2017