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Since the beginning of the October USD/CHF has formed a wedge. It can be always a continuation or a reversal pattern. I will be lloking for an entry in case the price breaks out of the formation. Purple lines represent previous highs and the green line is a 1.0000 level - which is definitely very significant. My take on this is that price will break out , then pull back to the new support ( current resistance ) and then will test 1.0000 mark from where we could see a significant sell off.
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Simple yet powerful chart pattern.
Today I want to share this powerful setup and ideas how to trade it. They do not occur to often especially on the higher time frames, but when they do, it is a really good setup with high risk reward ratio. Requirements for this pattern to qualify are pretty simple. There has to be 2 consecutive higher highs and 2 consecutive lower lows. Connect those points with a trend line and look for a next touch. This will be the entry point, of course confirmed by a price action. Very often You will have…