Sophia Todorova is the host of the live trading room for the London session. She has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens. To Trade Live with Sophia Join Winners Edge Trading Premium Services.
The Eurchf currency pair has undoubtedly been on an extremely bearish run, breaking last month’s low at 1.3073 to make a new low at 1.2970. Last week’s candle closed as a hammer, which represents rejection of the lows. The 4hr chart currently shows price trading in the buy zone, above the trendline after making a nice set of double bottoms. The bounce brought the pair for a test of 1.3144 before the retracement which is now underway.
I would like to enter a long trade near the 1.3050 support area, but I need to see a good confirmation that the support will hold. You can follow me on twitter, if you would like to receive notification if/when I do enter this trade. I have listed my stop and target levels on the 4hr chart below. Three targets are given, and, while scaling out. I will be moving my stop up gradually too, starting with a move to break even after the first target is reached.
Thanks for reading, and remember to consider your own risk parameters when taking a trade setup. This analysis aims at providing assistance to the forex trading community here at Winners Edge Trading, thereby helping them to make informed trading decisions.
Curious about how self- sabotage may affect your trading? http://www.winnersedgetrading.com/forex-trading-psycholog/
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One other free trading tool I recommend is Currensee . It can be a useful tool to be able to see how other professional traders are doing.
