Hello again my friends.
It is not common for me to release a trade plan for another instrument but I believe we have a good opportunity on this one too.
Looking at my daily chart of usdchf we can see good daily candlesticks rejecting upper prices and generating a good resistance in the important psychological level of 0.9100 where the price is hanging for around 3 days.
Weekly chart is what gives me more confidence on it because a good candlestick is confirming that the 28 EMA like you can see in the weekly chart is working nicely as a resistance for some times like I highlighted inside the black circles.
I believe that is a good trade to take in a long term. So let´s go for our trade plan:
I am planning to sell it as soon I see today’s candles closing below 0.9100, targeting 0.8820-00.
My stop loss will remain above 0.9160. If we trade the right side, every time when I reach the initial risk, I´ll trail my stop loss 1R (Initial Risk) and let it run.
Remember that no trade is a sure trade! So because of it we use stop losses and money management. We are going to profit in a long term trade as long we hold on to winning trades as long as the market allows us.
Nice trades folks.