USDCHF Trading Setup

by: Colibri Trader

Dear traders,

Last week was quite profitable and there were a few good opportunities. You can check out my article, in which I am walking readers through one of my trades step-by-step. Check it out HERE. It was a great DAX trade, but in the end of the day it does not mean anything. It is just one trade out of many. You should be looking at trading as a continuous process in which great trades are just one side of the coin. You should most importantly learn how to manage risk and how to stick to your rules. Nothing is more important than that and preserving your capital. Even if you have missed a few trades, it does not really matter. What matters is consistency and discipline. In case you have a habit of missing a lot of trades, you can revisit one of my articles, or spend more time on improving your strategy (discipline).

USDCHF Trading Setup

Today I am looking at a pair, which I have not covered for a long time. It is the USDCHF. I am spotting a two day bullish engulfing pattern. As you can see from the screenshot, we are in a downtrend and this setup is not as strong as it would’ve been in an uptrend. Trading against the trend has its perks. The daily candlestick pattern has formed on the support level of 0.9550. I am going to wait and see if the price returns back to 0.9620. Depending on price action, I might place a small long trade with a stop loss just under 0.9530. My first price target would be around 0.9750-0.9800. One way or another, bear in mind that this would be a trade against the trend (if of course executed).

Happy Trading,

Colibri Trader

p.s.

Check out this article on Harmonic Trading

or why Nobody Talks about Time in Trading

(Visited 445 time, 1 visit today)