Hey guys I hope everyone had an excellent trade on UK election day! We banked over 200 pips on that one trade!
This week we are focusing a bit of energy on an incoming dollar (USDCHF) short.
The price has formed a nice structure on both daily and weekly timeframes with a series of Lower Lows and Lower Highs.
I am looking for a short around 0.98000 value area with a stop above my redline. The target 1 (TP1) has been spiked on the way up so we can expect a considerable amount of demand depleted and this increases the probability that the low will break.
If you look on the left below TP1 price spiked every single low on the way up forming a compression and thus no demand will be able to hold price down if TP1 breaks.
The Risk Reward on this trade suits my conservative and patient approach to trading. I rank it very high on my watchlist for this week and it qualifies as my "Pick of the Week"
This week we are focusing a bit of energy on an incoming dollar (USDCHF) short.
The price has formed a nice structure on both daily and weekly timeframes with a series of Lower Lows and Lower Highs.
I am looking for a short around 0.98000 value area with a stop above my redline. The target 1 (TP1) has been spiked on the way up so we can expect a considerable amount of demand depleted and this increases the probability that the low will break.
If you look on the left below TP1 price spiked every single low on the way up forming a compression and thus no demand will be able to hold price down if TP1 breaks.
The Risk Reward on this trade suits my conservative and patient approach to trading. I rank it very high on my watchlist for this week and it qualifies as my "Pick of the Week"
I got an average price of 0.97433 which is currently open. I personally would love a 0.9650 avg of shorts and we will continue down for sure.