USDCHF has been moving sideways. Price has broken the uptrend support and formed a double top with broken neckline. The confirmation of the bearish bias is the rejection of the price at the 61.8 Fibonacci retracement of the right top to swing low. As such, I am placing a sell limit order at that level. Stop loss is just above the swing high while the take profit target is set at the 61.8 Fibonacci retracement level of the swing low to swing high. I will cancel the pending order if price goes to TP1 before getting triggered. Trade details are as follows:
Trade Setup: Double Top-2618
Price Entry 0.99592
SL 0.99851 | SL pips 25.9
TP1 0.98984 | TP1 pips 60.8
RRR1 2.35
Trade Setup: Double Top-2618
Price Entry 0.99592
SL 0.99851 | SL pips 25.9
TP1 0.98984 | TP1 pips 60.8
RRR1 2.35