Multi Timeframe Analysis
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
USDCHF had been making impulsive moves to the upside but as we see,retracement at D1 to structural support of at least 38.2% Fibonacci had consummated and rebounded back to the upside
Entry rule: 4H chart should confirm that the bearish retrace had turned the bullish with MACD above zero and the price above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is over the 50 signal line Potential Entry at 0.9250
Potential profit target at 0.93753 (the last weekly high) or the 0.94917 (-27.2% Fibo)
Trade short with confidence: COT reports confirm the direction
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
USDCHF had been making impulsive moves to the upside but as we see,retracement at D1 to structural support of at least 38.2% Fibonacci had consummated and rebounded back to the upside
Entry rule: 4H chart should confirm that the bearish retrace had turned the bullish with MACD above zero and the price above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is over the 50 signal line Potential Entry at 0.9250
Potential profit target at 0.93753 (the last weekly high) or the 0.94917 (-27.2% Fibo)
Trade short with confidence: COT reports confirm the direction