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USDCHF Price Action Analysis – 10th Aug 2017
USDCHF broke an up trending H4 Trend line last week. The price then kept going down. The price has been having correction now. There is a level nearby, which has the potential to be a level of resistance. This means the pair might make another move towards the South soon. Let us have a look at the H4 chart…
Have a look at the chart. The candle that broke the significant level of support was a massive bearish candle. The price came up to 0.96100. Then, it has started having correction. If the price goes up 0.97100 and the level produces a bearish H4 Engulfing candle, then selling the pair would get us some green pips.
Let us have a look at the summary of the trade
- Sell Limit Order: 0.97100
- Stop Loss Level: 0.97750
- Take Profit Target: 0.96000
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Many traders take their entries on a chart, but come out with their profit by following smaller time frames’ chart than their trade setup’s charts. This is never going to be handy in the end. They would take bigger loss, but take smaller profit than they are supposed to. It might be all right for a time being if they have a high percentage of winning trades. Then, again, it is needed that the traders know how to let their profit run. Especially, if they want to make a living out of trading, they have to learn the art of being with the winning trade as long as possible.
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