Potential Trade Set ups 01/03

There are three really nice trades getting ready. If you have been following my previous posts, you might have guessed that USDCHF, GBPCHF and EURUSD are the three pairs in question.

Let me quickly run you through the set ups.

USDCHF - Bias is Bullish
Currently going through a retracement on the H1 chart. H4 Chart looks steadily bullish. Same with the Daily chart.

It is likely that price could touch 0.93426 or go lower to 0.93283 before going bullish again.

Placing LONG pending orders at both these levels is a decent entry. In terms of position size, let the first level be smaller lot while the second entry be a 1 Lot set up. Either ways, use caution. Stop loss should be 0.92789, yesterday's low.

GBPCHF - Bias is Bullish
Currently going through a retracement on the H1 chart. Price is expected to fall through to 1.41547 or in that region. Our target price is 1.42887.

Place LONG orders at or around the 1.41547 region. A definite confirmation would be 1.423 level.

EURUSD - Bias is Bearish
We expect EURUSD to drop to 1.29 region sometime mid March. Price is currently at 1.307 region. H4 shows a bullish Schaff Trend. So we must wait for the STC to turn bearish. H1 is also bullish, just crossing the 90 region on the STC.

Once H1 and H4 turn bearish, we are good to go.

Potential price entry would be 1.31161 or 1.3018. Our target price would be 1.33169. Its a bit too wide, but use judgement and place your stop accordingly. Yesterday's high was 1.31631, so this can be used a stop level as well.

If you want to grab a cup of coffee or do some errands, now is the right time. Expect some action towards the mid London trading session and definitely during the US trading session.

More to follow towards the end of the day.