USDCHF – Swing Trade
– A potential short swing trade has been filtered today on USDCHF
– The set-up is almost identical to the GBPCHF trade posted recently.
– A Spinning Top Doji has formed at the descending trendline, 61.8% retracement level and 261.8% expansion level
– An alternative scenario is for a bullish falling wedge pattern to be forming, but this could still allow for losses before the pattern completes (and would require a swing high to be broken to confirm)
– Entry beneath the low of today’s candle, stop above the trendline and 1st target the swing lows (or beyond… see how price develops)
Additional Swing Trades
Also filtered was EURUSD and GBPUSD longs, but I preferred the confluences on USDCHF short so have restricted myself to this one.
My short triggered yesterday and currently ‘underwater’ but not yet concerned as the daily has produced a hanging man underneath the descending trendline. Should we break above the Shooting Star then I’ll be stopped out. ‘It’ happens!