2018May31 USDCHF H4 Trend Continuation

USDCHF has been on a downtrend. There is a double top with a break of neckline and a new swing low. I am placing an aggressive sell limit at 0.99315 which is the 61.8 Fibonacci retracement from the right top to the swing low. Stop loss is just above the right (higher) top while the take profit target is at the swing low. If price goes to TP1 before the pending order is triggered, then I will cancel it. The trade setup is as follows:

Trade Setup: Trend Continuation
Price Entry 0.99315
SL 0.99881 | SL pips 56.6
TP1 0.98479 | TP1 pips 83.6
RRR1 1.48

Commento:

This trade setup is canceled with the formation of a new swing low.