Sometimes it is hard to analyse trading instruments, especially when the market is not giving any indication for a potential setup.
Last time I wrote was about the DAX. It has been on the rise since then. I managed to enter in a long trade. On my second attempt to go long, I was stopped out.
This still leaves my first long trade on the table.
Market professionals should be like patient hunters waiting for the best opportunities to appear before taking action.
For now, I will leave my trade run unless I see some discouraging signs from the daily timeframe.
Today I am looking at the USDCHF.
The currency pair have reached an interim resistance level at 0.9525. It looks like there are two possible outcomes here.
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Price break outs and continues its uptrend to the next resistance level at 0.9725
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Price rebounds and comes down 0.9425 and then possibly to 0.9200.
I will be following this pair closely and try to find more confirming signals for either one of those scenarios above. So far, there is a long-legged doji that formed on the daily timeframe.
Next day’s candle might be confirming any one of those scenarios.
Happy Trading,
This material is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results.
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