Day 2 on the CHF
Good Morning Dynamic Traders, hope your all enjoying the fantastic weather.
Yesterday we got ourselves familiar with the CHF again, and if you were watching this chart you were given the opportunity to collect some easy profits. Yesterday I pointed out the reversal formation which came with a healthy downtrend which a breather halfway down. If you had a short position you had the ability to catch a potential 800pips. Do not fear if you missed out, just make sure your ready for next time.
In the day below you can see that price stopped falling at a RN and formed a 123 bottom. This 123 Bottom also came with convergence from the MACD, which seemed to be the perfect setup for a reversal to go up!
Why didn’t price climb?
This is an easy question to answer and those of you with a keen eye would have seen the strong RN of 1.1000, this also happens to at a previous S/R area.
Yesterday we got ourselves familiar with the CHF again, and if you were watching this chart you were given the opportunity to collect some easy profits. Yesterday I pointed out the reversal formation which came with a healthy downtrend which a breather halfway down. If you had a short position you had the ability to catch a potential 800pips. Do not fear if you missed out, just make sure your ready for next time.
In the day below you can see that price stopped falling at a RN and formed a 123 bottom. This 123 Bottom also came with convergence from the MACD, which seemed to be the perfect setup for a reversal to go up!
Why didn’t price climb?
This is an easy question to answer and those of you with a keen eye would have seen the strong RN of 1.1000, this also happens to at a previous S/R area.
Tomorrow we will look into why price is currently oscillating.
Happy Trading
Richard Monnery
Labels: CHF
posted by Richard Monnery @ 11:06
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