USD/CHF Signals
Risk 0.50% per trade.
Trades may only be entered between 8am and 5pm London time today.
Short Trade 1
* Short entry after bearish price action on the H1 time frame following the next touch of 1.0000.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 1
* Long entry after bullish price action on the H1 time frame following the next touch of 0.9941.
* Place the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
USD/CHF Analysis
It was not surprising that the price found support at 0.9958 yesterday. This level may continue to hold, but it is beginning to look quite “used up”, so I look instead to the next level below for support. This is at 0.9941, and is not far away.
There is no long-term trend, and there are likely to be better opportunities for trading anything that might happen here on the EUR/USD currency pair, which tends to have a very high positive correlation with this pair’s movements.
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