USDCHF Long - 9 May 2017
Background:
- 3rd bullish reversal candle off the 200MA support and weekly horizontal support @ 0.988
- Also the bullish marobozu formed right at the resistance of the channel signify strong buying determination
Entry:
- Buy stop set 20pips above the 8 May 2017 bullish candle high @ 1.001
SL:
- SInce this is a 3rd signal off the support area, i have set my stop loss to be 38.2% fib level of the 8 May 2017 bullish candle @ 0.9909
PT:
- Potential resistance at the daily horizontal resistance area @ 1.0108
- But PT set based on weekly chart resistance and previous swing high @ 1.025
- 3rd bullish reversal candle off the 200MA support and weekly horizontal support @ 0.988
- Also the bullish marobozu formed right at the resistance of the channel signify strong buying determination
Entry:
- Buy stop set 20pips above the 8 May 2017 bullish candle high @ 1.001
SL:
- SInce this is a 3rd signal off the support area, i have set my stop loss to be 38.2% fib level of the 8 May 2017 bullish candle @ 0.9909
PT:
- Potential resistance at the daily horizontal resistance area @ 1.0108
- But PT set based on weekly chart resistance and previous swing high @ 1.025
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