In today’s post I’m looking the USDCHF which is in an uptrend and the EURGBP which is a downtrend.
As can be seen from the chart below, the USDCHF has is clearly trending up and has recently made another higher high. If it retraces to the old resistance (now support) which is marked in the chart below, I will be looking to go long depending on the price action.
The EURGBP on the other hand has been trending lower and made another lower low recently. If price can bounce and retest old support (now resistance), I will be looking to go short if I get the right price action in that area.
Both of these potential trades are just the normal break and retest of support and resistance areas. In this case it is in trending markets. The price action I normally require before I enter is candlesticks such as pin bars (hammer and shooting star) or engulfing patterns.
Please, always remember to manage risk. Trends can change at any time, no matter how strong your conviction on a trade is, so always adhere to your stops.
On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. Also see Disclaimers.
Thanks for reading.
Thanks and Regards,
Trading SOS SOS
One reply on “Looking at USDCHF and EURGBP for the Week of 5 April 2021”
[…] Last week I wrote that my plan was to go short EURGBP and long USDCHF depending on certain levels that must be reached and confirmation in terms of candlesticks. You can find the post from last week here. […]