Waiting for Bullish Channel Retracement on USD/CHF

2 apr 2017

There is a bullish channel that has developed since May of 2015. I am waiting for a retracement to the lower trendline before going long. I will set my targets at 2 levels: the green trendline which has proven itself as S/R in the past, as well as the orange trendline which is the May of 2016 high projected parallel with the green trendline. However, if I go long I will take 3/4 of my profits at the green level and leave 1/4 for the orange due to prices most likely finding some response at the green and spending a lot of time there rather than making its way all the way up to the orange and then finding some response.