At the UK open the EUR plummeted and the CHF shot up. Between the 2 charts the CHF was clearer and the stop loss was almost half of the EUR. With this first 15 minute candle the CHF went through our multi-pivot line and tagged our Daily projected high, then began to fade as sellers entered. With a stop loss above the session high structure – costing 10 pips and 41 pips to our projected Target 2, we enter with a 4:1 Reward to Risk.
Price moves down nicely stopping just above the Asian high and begins to retrace upward but not convincingly. We move the stop loss down near our entry and a double top gives way and price retests the Asian high. We move the profit stop down and give a bit of breathing room just above the Asian high. Price forms a second double top and fades taking out yesterday’s high. Price completes a 3 Drives to a bottom pattern and we exit protecting our profit on the bounce back up to Target 1.
Good luck with your trading!
The UK and Europe move their clocks ahead this weekend bringing them back into sync with North America.
Back Tuesday if we find a trade and looking forward to normal trading hours once again.