Hello traders, for the h4 chart on usdchf i am seeing a possibility to short the market with a decent risk to reward ratio.
The reason for my sell bias is quite simple, price is currently below my 100 Moving average thus i will only be looking for sell set ups at the moment. we can also see if we connect the series of lower highs created we develop a nice trend line which price seems to be respecting at the moment. There is further confluence of this sell bias when we draw a fibonacci from the high to the low of the most impulse as indicated by the red circles. the 618 fib would fall exactly where price is, lining up with structure that acted as support and resistance in the past.
I will be looking for valid entry on a lower time frame and managing my trade as i go along being mindful of the recent higher low created.
Please leave a like if you enjoyed this analysis and feel free to leave a comment
The reason for my sell bias is quite simple, price is currently below my 100 Moving average thus i will only be looking for sell set ups at the moment. we can also see if we connect the series of lower highs created we develop a nice trend line which price seems to be respecting at the moment. There is further confluence of this sell bias when we draw a fibonacci from the high to the low of the most impulse as indicated by the red circles. the 618 fib would fall exactly where price is, lining up with structure that acted as support and resistance in the past.
I will be looking for valid entry on a lower time frame and managing my trade as i go along being mindful of the recent higher low created.
Please leave a like if you enjoyed this analysis and feel free to leave a comment
