USDCHF - Trend-Following Buy Setup!

16 nov 2022

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

USDCHF is overall bullish trading inside the brown rising broadening wedge pattern. Previously, as per my last idea attached on the chart, we were looking for sell setups around the upper brown trendline and green resistance.

Now What?

USDCHF traded lower and now sitting around the lower brown trendline.

Moreover, the zone 0.935 - 0.94 is a strong support zone.

So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support zone and lower brown trendline. (acting as non-horizontal support)

As per my trading style:
Since USDCHF is around the lower purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

and of course, as it retests the blue support, I will be looking for buy setups.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich