USDCHF saw a breach of a key resistance level during Monday's trading hours that gives rise to another trading opportunity. Base picture above shows the Daily chart and a closed candle outside of a wedge formation.
2 Ways to trade - Depending on your own personal style of trading there are 2 recommended ways to approach this set up.
Pending Buy Stop: .9840 - This would confirm a new and higher high after the daily breach.
Pending Buy Limit: .9800 - The more aggressive approach, anticipating yet another retest of the now key support level.
Stop Losses recommended to be placed at .9700 and no higher than .9750.
Target 1: 1.0000
Target 2: 1.0200 - Aiming for the highs of 2015
Things to look out for once the trade has begun:
Closer look at 1 Hour Time Frame:
Please do your own analysis before entering any trades and make sure you have a stable plan of action in place.
As always, please leave comments, concerns and feedback they are appreciated.
2 Ways to trade - Depending on your own personal style of trading there are 2 recommended ways to approach this set up.
Pending Buy Stop: .9840 - This would confirm a new and higher high after the daily breach.
Pending Buy Limit: .9800 - The more aggressive approach, anticipating yet another retest of the now key support level.
Stop Losses recommended to be placed at .9700 and no higher than .9750.
Target 1: 1.0000
Target 2: 1.0200 - Aiming for the highs of 2015
Things to look out for once the trade has begun:
- Daily close below .9790 would give reason to reconsider this position in the market.
- Once a new high has been set and closed at on the hourly chart above .9840, move stop loss to .9800 regardless of level used.
Closer look at 1 Hour Time Frame:
Please do your own analysis before entering any trades and make sure you have a stable plan of action in place.
As always, please leave comments, concerns and feedback they are appreciated.
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First Target reached - SL to breakeven.