In our last article, we looked at a short-entry in USD/CHF using the ‘big picture’ Fibonacci retracement level at .9948 for entry. It took a few days for price action to top out, but earlier this morning price action on the hourly chart finally set a new lower-low, indicating that a return of the down-trend may be back. The initial target sits just 9 pips below the current near-term low.
The setup moving forward is to look for more short positions given this recent reemergence of the bearish trend. As always, timing is of the upmost importance, so given that we’ve seen a few hours of support develop here it would behoove the trader to wait for a cleaner setup. That could be had in one of two ways. 1) inside price action – let prices retrace higher to an older point of support, and then look to trigger the short off of that new resistance or 2) outside price action, let new lows come in, and then look to take the short off current support levels.
The area of interest for the first option at this point appears to be in the .9887 vicinity, as this is the 38.2% retracement of the most recent move while also being the last ‘higher swing-low’ before the exhaustion-top had set-in. Traders can wait for price action to show resistance on the hourly or 4-hour chart, and this could provide the short-side trigger. For option two, traders can use this current batch of support on the hourly for that thesis. Let price action break lower, and then look for resistance off of this current vicinity of support at the ~.9850 area.
On the profit target side, the same levels mentioned previously apply. If .9850 is crossed, targets can be cast towards .9749, and then .9660 (the prior swing-low). Below that, traders can target the psychological level at .9500 and then .9441, which is the 38.2% retracement of the ‘big picture’ move, taking the 2005 high to the 2011 low.
Created with Marketscope/Trading Station II; prepared by James Stanley
--- Written by James Stanley, Analyst for DailyFX.com
To receive James Stanley’s analysis directly via email, please SIGN UP HERE
In our last article, we looked at a short-entry in USD/CHF using the ‘big picture’ Fibonacci retracement level at .9948 for entry. It took a few days for price action to top out, but earlier this morning price action on the hourly chart finally set a new lower-low, indicating that a return of the down-trend may be back. The initial target sits just 9 pips below the current near-term low.
The setup moving forward is to look for more short positions given this recent reemergence of the bearish trend. As always, timing is of the upmost importance, so given that we’ve seen a few hours of support develop here it would behoove the trader to wait for a cleaner setup. That could be had in one of two ways. 1) inside price action – let prices retrace higher to an older point of support, and then look to trigger the short off of that new resistance or 2) outside price action, let new lows come in, and then look to take the short off current support levels.
The area of interest for the first option at this point appears to be in the .9887 vicinity, as this is the 38.2% retracement of the most recent move while also being the last ‘higher swing-low’ before the exhaustion-top had set-in. Traders can wait for price action to show resistance on the hourly or 4-hour chart, and this could provide the short-side trigger. For option two, traders can use this current batch of support on the hourly for that thesis. Let price action break lower, and then look for resistance off of this current vicinity of support at the ~.9850 area.
On the profit target side, the same levels mentioned previously apply. If .9850 is crossed, targets can be cast towards .9749, and then .9660 (the prior swing-low). Below that, traders can target the psychological level at .9500 and then .9441, which is the 38.2% retracement of the ‘big picture’ move, taking the 2005 high to the 2011 low.
Created with Marketscope/Trading Station II; prepared by James Stanley
--- Written by James Stanley, Analyst for DailyFX.com
To receive James Stanley’s analysis directly via email, please SIGN UP HERE
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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