USDCHF Price Action Analysis – 24th July 2018
USDCHF has been Bearish on the H4 chart. The price pattern shows that the pair produced a Double Top at a significant level of Resistance and then took a strong Bearish move. Since yesterday, the pair has been having a correction. The price is near a strong level of Resistance. If the pair produces a Bearish H4 Engulfing Candle and an H1 breakout takes place afterwards at yesterday’s lower low, then selling the pair would get us some green pips. Let us have a look at the H4 USDCHF chart.
See the level of 0.99380 is a flip over Resistance level. If we get an H4 Bearish Engulfing Candle right from there and an H1 breakout at the level of 0.99000, then the price would head towards the level of 0.98385 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.99000
- Stop Loss: 0.99380
- Take Profit: 0.98385
- Validity: 72 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
We are in the last week of July. I assume this week could be a little volatile. Thus, if we trade on very tiny intraday charts such as 5M or 15M, we might as well be careful with our entries. We must use Stop loss with every single entry before the trade executed. However, we might not have to be worried that much with our entries that are based on H1 or H4 chart. Let us hope that we maintain our discipline well and be safe with our investment.
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