I'm anticipating a reversal on usdchf. The 4H chart posted below showing a crown. Also the TL is broken and tested. My entry shown on the 1H was typical of trading the break of a TL.
Its been a great week trading FX, most will say it was overdue due to the happenings over the past couple of weeks. The markets started out slow but by Wednesday it picked up giving several entries.
Have a great weekend all.
PS: Theres a G7 meeting on this weekend. Its possible the markets will gap(huge gaps) on Sunday open, so consider closing your open positions.
I'm anticipating a reversal on usdchf. The 4H chart posted below showing a crown. Also the TL is broken and tested. My entry shown on the 1H was typical of trading the break of a TL.
Ignored
Dra,
Currently i also traded USD/CHF this morning, and it seemed we are at different position (are you selling on this pair ?)
Actually, I am not sure from your chart what are the reasons you enter and where exactly you entered. Did you enter at the 38.2 retracement? I am also not sure how you used the fibo fan to help you.
Maybe I could explain why I took the trade with reference from my chart earlier.
1) Price has broken the up TL and then retraced to test and subsequent bounce off
2) with a tweezer top.
These were the 2 essential ingredients we look out for trading this method. A reversal candle formation (6 of them) acting at a TL.
Actually, I am not sure from your chart what are the reasons you enter and where exactly you entered. Did you enter at the 38.2 retracement? I am also not sure how you used the fibo fan to help you.
Maybe I could explain why I took the trade with reference from my chart earlier.
1) Price has broken the up TL and then retraced to test and subsequent bounce off
2) with a tweezer top.
These were the 2 essential ingredients we look out for trading this method. A reversal candle formation (6 of them) acting at a TL.
Hope that explains, will try my best.
Ignored
Hi soya,
thanks for the explains.
I'm just new here, and tried to practice this system.
i opened buy at 38.2level after a bullish.
and i did not use fibo fan. Those are trendlines i draw from a same point above to see the inner and outer TL.
and btw thanks again for the explains, that help me to be more carefully
Oh it is clearer now, glad I am able to help. Do take some time reading Dra's posts from the start of the thread. He has put up many, many charts to explain his positions. We are not purely looking for a fib retracement, it must be specific at a TL, the fib is just to support our decisions. Candle formations too are very important.
