USDCHF currency pair is in downtrend for a long long time. It formed a descendent triangle recently in the daily chart and now it’s broken with a strong bearish candlestick. Generally if a descendent triangle is broken in the downword trend, the trend will follow for some time. So I have entered a short trade for this currency pair. But I have to wait for a long time. Actually what I did was I have entered two short trades. One I will close it with little profit and then I will move the stop loss for the second trade below the point of entry and leave it for a long time. Lets see what happens with these trades. I will post regularly about these results in the comments.
USDCHF Descending Triangle:
The USDCHF descending triangle trading I entered yesterday, update. Currently the graph has retraced back to the bottom line of the descending triangle and I am in a loss of 100 pips currently. But I am not going to close the trade as I am thinking of it as a retracement to the bottom line. I am leaving this trade as it is.