USDCHF, daily tf, buy on confluence of support

2020年12月6日

Hello everyone,

I hope you all enjoy your weekend.
I am gonna share my trading plan for next week, if you find it useful please give this post a like and follow me for my next updates.

The first pair i would like to trade for next week is USDCHF pairs. As you can see this pair has moved 200 pips to the downside for the first week of December.
Friday candle showed that bears are now exhausted and we could pretty much see some retracement to the upside.
It is now meeting an area of confluence support at 0.8900 area because there is so many supports stacked in this area which is why i think it is an area of confluence for support.

If you're a fan of Elliott Wave and try to do a wave count, you might find this is also a level which could be a turning point.
Because 0.8900-15 area is the place where 127.2 fibonacci retracement level located.
Wave-5 usually end at this fibonacci level because if it continue to 161.8 level, it could be considered as an impulsive Third Wave.

Buy USDCHF 0.8910
Stop loss 0.8870
Take profit 0.9030 (3R)

RR Ratio 1 : 3
Use only 1-2% risk
Good luck