EURCHF short, daily analysis , swing trade

4 Ağu

My analysis on EURCHF for this coming week, it broke through some structure, if we get daily bullish retracements to the support area it broke through this will line up perfectly in the Fibonacci golden zone (which also respects the downward trendline of the last 3 lower highs) making this area significant since it will be trendline resistance and and horizontal area of support into resistance, having these 3 line up in the same area of 0.95 there is a very good chance i will be entering for a sell and taking profit at the next support which also happens to line up perfectly with the -27 Fibonacci extension

What needs to happen to make this a high probability sell trade:

-2 or more daily bullish candles in a row retracing to the golden fib zone, no bearish candles in pullback, daily doji candle is fine as long as its near the golden zone and not in the middle of the pullback

-Price action: will be watching the close of 4hour candles in the golden fib zone for bearish indication such as bearish engulfing or shooting star or even a doji, however if a daily candle close above the body lows of previous support this will invalidate my set up

ENTRY 0.95000 -0.94900 area
Length of time to set up, 2-3 days to be ready for entry
length of trade 1-3 day swing trade
Risk to reward 1:2.5 - 1:3 (2% risk)
TP at -27fib
SL above last high on the 4 hour