On April 21 2021 I posted on social media @AidanFX “USDCHF as long as price stays below 0.9215 the pair can still make another move lower towards 0.91 handle.”
The chart below was also posted on social media @AidanFX April 23 2021 showing the possible bearish patterns. Pink bearish pattern triggered SELLS perfectly in the blue support/resistance zone. This support/resistance zone acted as a good resistance area where price reacted with a move lower. More added reason the pair could push lower was a bearish divergence pattern (purple) also formed in the same confluence area support/resistance zone and price was respecting the dynamic resistance moving average (black) which gave me more confidence the pair would push lower. Entered the SELL trade at 0.9166 with Stop Loss at 0.9196 and targets below at the 1:1.5 RR. A trader should always have multiple strategies all lined up before entering a trade. Never trade off 1 simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup.
USDCHF 1 Hour Chart April 23 2021
USDCHF eventually moves lower and on April 26 2021 price hits the 1:1.5 RR target at 0.9121 from 0,9166 for +45 pips. Though i closed at the 1:1.5 RR target, price continued lower and by the end of the trading week the pair hit and broke below the 0.91 handle as tweeted April 21 2021. If you followed me on social media @AidanFX you too could have caught the USDCHF move lower. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
USDCHF 1 Hour Chart April 26 2021
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different time frames and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trial
Back
