Hey all,
Price almost formed a bullish engulfing candle, however i'm still considering USDCHF quite bullish at the moment as it has close above its previous daily lows.
On this basis i am looking for a long entry.
Here we have identified a strong inflection point (green line), where it is both support and resistance.
I would like to see price break and clear this level and come back for a rounded retest for an entry. This trade should be monitored closely as there are areas we should watch out for (the red lines).
I am anticipating price to take out the highs for a probe of liquidity at the purple box, as i think there will be many stops there.
Let me know your thoughts.
-L
Price almost formed a bullish engulfing candle, however i'm still considering USDCHF quite bullish at the moment as it has close above its previous daily lows.
On this basis i am looking for a long entry.
Here we have identified a strong inflection point (green line), where it is both support and resistance.
I would like to see price break and clear this level and come back for a rounded retest for an entry. This trade should be monitored closely as there are areas we should watch out for (the red lines).
I am anticipating price to take out the highs for a probe of liquidity at the purple box, as i think there will be many stops there.
Let me know your thoughts.
-L
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I'm still interested in how this plays, it just might take a while