USDCHF looking bullish again... the week of 07 Oct, 2024

The market usually does not turn around on a dime, a change of trend very often is preceded by a period of consolidation. This is exactly what I am seeing on this pair, a transition from a bearish trend to (possibly) bullish. Price has just overcome major support/resistance in the 0.8550 region. This has also created a higher high, a small pullback to retest this level is likely and I will be looking to take a long if that happens. However, if a strong move to the down side forms, that would negate my analysis.

My initial target would be in the 0.8730 region with the possibility to let some part of the trade run higher.

This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
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It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros

交易進行

Long trade trigerred at 0.8577, a bit earlier than I expected.

註釋

I had to manage this trade as I entered too early, took another position when price was turning around. That position is now in play while the one taken at 0.8577 is now closed with small profit.
PA is mostly sideways now, but my bullish bias is intact. Waiting to see a surge to the upside.