USDCHF Short : Evening Star & Descending Channel Resistance
Trend: The trend reverses as it has made a LL and LH.
Candle Sticks: Bearish candle stick at LH of the chart.
Parallel Descending Channel Resistance: The candle is formed at the channel's resistance.
So the overall reasoning for taking a short from here is trend is downward making a descending channel with the formation of evening star at the channel resistance level. That means the price will potentially decrease from this point.
Fibonacci Retracement: The TP1 and TP2 are derived from the fib retracement points while SL is placed at the HH of the chart.
Candle Sticks: Bearish candle stick at LH of the chart.
Parallel Descending Channel Resistance: The candle is formed at the channel's resistance.
So the overall reasoning for taking a short from here is trend is downward making a descending channel with the formation of evening star at the channel resistance level. That means the price will potentially decrease from this point.
Fibonacci Retracement: The TP1 and TP2 are derived from the fib retracement points while SL is placed at the HH of the chart.
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