Forex Trade Setups – Chart of the Week Aug. 17th

USDCHF – Sub 1.0400 offers a little play
After 7 attempts, the Swissie has failed to close below 1.0371.  Several rejections below but nothing closing past.  This gives trades a cautious buy off the lows just sub 1.0400 with tight stops below the yearly low while taking half of the position off the board at the 20ema while gunning for 1.0600.  However it should be noted the pair has spent more time below the 20ema and 1.0500 than above so the pair is more interested in selling up there than buying off the lows so bulls will have to be more patient than bears but playing this little range which has held for almost two months has some good R:R available.

If you would like to find simple high-probability trades using pivots and price action only, you can check out the Advanced Price Action or the ProForex Course which will teach you rule-based proprietary systems to trade these profitable setups.

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

Related Article