I have a really sweet trade setup for you today. When I was looking at the pairs for a potential day trade I came across a good-looking set up on the USD/CHF pair.
The pair on a daily chart is on a strong uptrend and yet we see significant pullback into a support area. In addition to that support today’s price action shows a bullish engulfing pin bar which indicates that we could see a move back up to the previous highs.
In addition to a support area is also at the 61.8 Fibonacci retracement support area on the daily chart. Which gives it additional confirmation for going long on this trade.The most recent area of resistance they could challenge this trade is the 1.000 area however that area has been broken recently and I think the price could go right through that.
Regardless of how many pieces of confirmation we have it’s really important to make sure that you’re using proper risk management on any trades that you take. That’s because there’s no such thing as a sure winner in trading and you must look at every trade as a potential loser. With that being said I am still very confident in this trade and I think I could hit my 400 pip target or even more.
Win a Prize:
I was away from my office all week last week and this is my first post since I have been gone. Tomorrow I will release a short video of where I was that the last week. Can anyone here in this article take a guess at where I was at last week?
Leave your guess in the comments below and if anyone gets it right I will give them a free months access of our trading tools. Just trying to have a little fun here and get some interaction.
Additionally, if anyone has any comments on the trade set up I outlined please share your thoughts in the comments below. Good or bad I really want to help hear your feedback or if you have any questions about the trade.
Latest posts by casey (see all)
- Using a Forex Checklist to Develop a Good Trading Habit - September 25, 2017
- Learn why using a 2:1 Risk to Reward Ratio can increase profits - September 19, 2017
- My Personal Trading Plan Reviewed by Trading Expert Kim Krompass - August 4, 2017
Winner’s Edge Trading, as seen on: