EURCHF has been on a uptrend but recently broke and closed below the channel support and horizontal zone of support. As I am expecting the downtrend to continue, I am placing a sell limit order at the 38.2 Fibonacci retracement level of the swing high to swing low. Stop loss just above the recent swing high while the take profit target is set at the 61.8 Fibonacci retracement level of the channel swing low to swing high. I will cancel the pending order if price goes to TP1 before getting triggered. Trade details are as follows:
Trade Setup: CRT
Price Entry 1.13972
SL 1.14349 | SL pips 37.7
TP1 1.13047 | TP1 pips 92.5
RRR1 2.45
Trade Setup: CRT
Price Entry 1.13972
SL 1.14349 | SL pips 37.7
TP1 1.13047 | TP1 pips 92.5
RRR1 2.45