[FOREX TIP] USDCHF Past Trade Idea – 18th May 2017

Before you continue, we want to make sure you understand that this is a past trade idea found inside The Price Action Club which is a premium Price Action trade signal service. This post is 1 week delayed and this idea is no longer valid but the lesson is still valid. We post this to show you what is inside the Price Action Club. It would be awesome if you join us to learn and to trade our trade ideas. We hope to see you inside the Price Action Club soon. Click here to join us…

USDCHF has been very bearish for the last 5 trading days. The price has kept making new lower lows on the H4 chart without having too many pauses. Today’s price action suggests that the pair might take some corrections up to the New York open. If the New York open produces an H4 bearish reversal candle, then selling the pair would get us some green pips. Let us find out the level where the reversal candle to be produced.

USDCHF Past Trade Idea – 18th May 2017

As we see on the chart, that the price came down up to 0.97750 yesterday without having any trouble whatsoever. On its way, the price broke an important level of support at 0.98190. If this level becomes the resistance by producing an H4 reversal candle later today, then selling the pair should be the best option as far as this trade setup is concerned. Let us have a look at the summary of the trade…

• Sell Limit Order: 0.98190
• Stop Loss Level: 0.98700
• Take Profit Target: 0.97450
• Validity: 24 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

There are many types of reversal candles such as Engulfing, Pin Bar, Doji, Hammer, Inverted Hammer, Inside bar. Among them, Engulfing reversal candle and Pinbar reversal candle are strong reversal candle patterns. The rest of them work well as well, but they do not work as well as Pinbar or Engulfing do. As a trader, we have to have a very good understanding of the reversal candlestick pattern. In the Forex market, this is known as “Japanese candlestick pattern”.

You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.

We hope that you enjoy our Free Forex Trading Signal today: USDCHF Past Trade Idea – 18th May 2017

 

The post USDCHF Past Trade Idea – 18th May 2017 appeared first on Advanced Forex Strategies.

from Advanced Forex Strategies