USDCHF is at a resistance level (0.9950) - highs in May and July Price seems to be stuck here for the 4th day today
Took a small short position. There is a potential bearish Shark pattern completing at 0.9955/57
H4 AB=CD pattern completing at 0.9988, so stops has to go above this levels H4 bearish divergence on the RSI - indicating an exhaustion move
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My initial position took a little scare as price spiked up to completed the ABCD. Took another short at 0.9988 at the ABCD completion. Now holding a full position short.
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Finally see this drop in the last few hours. Fingers crossed and shooting for the 0.9918 level
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Still in the trade, nothing is giving me the indication to exit the trade. Stops still above the 1.0 handle at 1.0008. Can consider to tighten stops to 0.9980
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Price finally made a move down before the week ended on Friday. Shifted my SL to break even (now approx 60pips profits). Now I see a some retracement up, would not be surprised if it goes as high as 0.9913
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Tightened SL to 0.9918 (locking in at least +33pips), target remains at 0.9718. I would like to see price breaking the immediate support at 0.9857 & 0.9841
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Tightened the SL by another 100 pips to 0.9818 (+133pips), target is at the TL support, readjusted TP to 0.9720. Since it is only 14pips away, I might close this trade at anytime.
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Missed my targets by 6 pips. H1 RSI showing bullish divergence, I believe there will be some bounce up before this can break below the TL support. Manually closed my trade at 0.9745 (+205pips).
Hi BH, I'm also in this trade. Thanks for sharing your idea here.
BoonHooi
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Nice one girisuta. This last 14 pips is so near yet so far. H1 & H4 RSI so OS now, I might just close off the trade and not give back any profits
lbrincat
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Hi BoonHooi,
I am waiting for price to go up a little more on this one before going short I would like it to reach the 1.01000 area to complete my Butterfly pattern at the extremes of the channel on the Daily time frame, and also to see some divergence on RSI. Here is my analyzes below. I might also be wrong since there is a strong resistance on the 1.00000 area which could be a significant area also. Watch my analyzes below.
What do you think?
Good luck with your trade.
BoonHooi
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Hi Ibrincat,
Apologies..... scrolled down enough just to update my trades and didn't realised that I had a question here. Will not make this mistake again.
Agree with your Butterfly, it could have gone up to that level before it dropped (we will never know). If it did, I would have already been stopped out.
lbrincat
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Hi BoonHooi,
No worry's it for the delay anyway I am happy for you that the trade turned out to be in your favor and you made some pips :) I will continue to follow you in future. I am currently learning about harmonics and following you will help a lot.