USDCHF has been bullish this week on the H4 chart. The pair has kept making higher highs. As things stand with the pair, there is still some room for the price to head towards the north. Let us have a look at the H4 chart and find out how we take our long entry on USDCHF…
USDCHF Free Forex Trading Signals – 23rd Feb 2017
As we can see that the pair went up to 1.01386. Then, it has started having consolidation. The level of 1.00980 has been acting as a flip over support level here. If the price produces an H4 reversal candle here and then an H1 candle makes a breakout at 1.01386, then buying USDCHF might be the best option for traders. If an H4 engulfing candle makes the breakout that will be even better.
Let us have a look at the summary of the trade
- Buy Stop Order: 1.0386
- Stop Loss Level: 1.00980
- Take Profit Target: 1.01800
The risk and reward ratio is 1:1 here. It is not that lucrative since our usual risk and reward ratio is 1:2 or 1:3. However, since the price is trending towards the north, so winning percentage of this kind of trade setup is very high. There is a saying “Hit it when it is hot”. It is a hot setup since this is the last wave of the trend to be completed. Another thing we have to remember here, once the price goes up to our take profit level, there is a high chance that the price would start having corrections. Thus, it is better to come out with our entire positions.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: USDCHF Free Forex Trading Signals – 23rd Feb 2017
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