Catching the Double Top working out!

28 june 2022 57
Elena_Berseneva
Elena_Berseneva

Listed among the best MarketCheese authors
1st in the segments "Indices", "US stocks" and "Metals"
2nd in the segment "Currencies"
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The strategy of trading on rollbacks on the data of the US Real Estate market, in terms of New Home Sales and New Home Sales (MoM) worked perfectly last Friday, June 24.


Both indicators have grown and the USDCHF pair began to grow but first has rolled down! :-). The pending order was triggered within 30 minutes, and the transaction itself closed with a profit of 0.25% (minus the spread) an hour after opening. Waiting from the moment of data release is 1.5 hours. Quite a good and fast result!


* Note: The time zone of the chart is GMT + 2




Today, Forex traders are given a chance to work together with a double top.

The price tends to cross the neck line and gain a foothold below it. If this succeeds, then the goal of working out the figure will be the mark of 0.913.



Today, the Swiss economy slightly outweighs the US economy on the scales of macro statistics, which also plays in favor of the franc.





So, possible options for entering the market:


1. Selling a pair of USDCHF at the current price.

The target orders are as follows: Take Profit 1 = 0.941, Take Profit 2 = 0.93, Take Profit 3 = 0.913.

We put the Stop Loss protective order slightly above 0.974.




2. Selling USDCHF today at the close of trading or tomorrow at the opening, subject to a breakdown of the neck line down.

Target orders are the same: Take Profit 1 = 0.941, Take Profit 2 = 0.93, Take Profit 3 = 0.913.

The Stop Loss protective order is also similar, which we set just above 0.974.




Risk warning!

Trading on financial markets involves a high level of risk and may lead to the loss of investment capital. The MarketCheese team is not responsible for the possible loss of your investment funds.

Elena_Berseneva
Elena_Berseneva

Listed among the best MarketCheese authors
1st in the segments "Indices", "US stocks" and "Metals"
2nd in the segment "Currencies"
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