USDCHF - Trading the Trend Continuation - Support Break

Hi Traders!
The market is in a Downtrend.

As always, let's begin with the Daily Timeframe.
Here is it:

Here you can see the market in a clear Downtrend.
It is additionally moving in a descending Parallel Channel.
The Trendline-Extension are overbought and oversold areas.

So, we're only looking for Selltrades.
Let's move on to the lower H4-timeframe:

What do we see here?
A descending Triangle which consists of a descending Trendline and a strong Support.
And consider the number of the touches too.
It is showing the strength of the Triangle.

Here is the idea:

• The H4-Timeframe
  
  
  
  
  
• The H1-Timeframe:
  
  
  
  
  

The idea is simply the Break of the Support with the SL above the Trendline and the TP at the 161.8% of the Fibonacci Trendline Extension.
We recommend to trade the Breakout with a Retest, to avoid False Breakouts.



Thanks and successful Trading :)!

Kommentar:

Here is the RED BOX, in case you want to see it :)