Bonneinvest
Long

Super strong bullish engulfing pattern on USDCHF

FX:USDCHF   US-Dollar / Schweizer Franken


As we can observe on the daily chart , a super strong bullish engulfing pattern has formed. 1# candlestick is a dragonfly doji candlestick , with a very long lower shadow. 2# is a strong bullish candle, which confirms the strong dragonfly doji . This indicates, that a huge press from the buyers has emerged, in a short time.

This, combined witch the bullish trend and candlesticks on the longer time frames (weekly and monthly), makes it a strong long trade setup, according to my trading strategy.

Stoploss will be: 0.95520 (80 pips).

Target will be around the 61.80 % fibonacci retracement level and the resistance line, depends on the future movement of the price.
UPDATE: So again, my stoploss were hit. I have a rule, maximum 3 trades on the same pair at a row. So I took my last trade long. I suspect the hurricane Irma to be the cause of the minor downfall of the USD. The forecast were not good, but the hurricane was set to hit saturday, so I closed the trade and took a new one after the weekends close. This was because I thought it would be too risky to have an open trade. But then the hurricane hit and the damages weren't as bad as suspected, so the USD went up. As you can see here, it has now broken serveral resistance lines and i took my trade at:

Price: 0.94709
Stop loss: 0.94200



My TP is around the 0.98000 area, considering the price movement.

Check out how my trades goes, at https://www.myfxbook.com/members/Kevinbonnelykke/bonne-invest-aggressive/2238048

Kind regards
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UPDATE: So my stoploss was just hit. Had I put it 3 pips below my first stoploss, it wouldn't had been stopped. But sometimes it happens. Though since it still is a very strong setup, I went long again at 0.95941, and set the stoploss at 0.95299 (70 pips). If you look her:



I went long after the hammer candlestick with the long lower shadow.

Sometimes, the bollinger middle band acts as a strong resistance/support line, so the negative with this trade was that the bullish confirmation candlestick on the daily chart, was too close to the bollinger middle band, which causes the risk to increase. However again because the setup was so strong, I ignored this. But anyways im long again, lets hope the best.

Kind regards
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same bias ...nice chart btw!
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SN_Doumet SN_Doumet
this is my view according to wave analysis
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Bonneinvest SN_Doumet
@SN_Doumet, Nice wave analysis! Something I want to master, but is very hard. Thanks for the picture! :)
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SN_Doumet Bonneinvest
@Bonneinvest, Yeep I'm also trying to master it. We can only keep learning more! :)
+1 Antworten
BTW: Normally, when such a strong dragonfly doji with such bollinger band breakout appear, I don't wait for a confirmation candlestick. But since I thought this market was too choppy and therefore a bit too risky, I waited.
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