Learn How To Trade - Forex Update: Selling USDCHF with Confirmation of the Breakout

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To Get Ross' Free Forex Update Analysis and Learn How To Trade - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=learn_how_to_trade&ad=-ZfFDhgdD10 First off, let's start here on the daily timeframe. All the way to the bottom left-hand corner of the chart, where you see the four black circles. What this shows us is when the market tends to get underneath the pink-shaded area, which is 0.9630 to 0.9610, it tends to pressure all the way back down at minimum to the green-shaded area into 0.9550 to 0.9530. Now, it also has tended to pressure a little bit lower down to the purple zone the one time on the left, but at minimum we're looking at the green-shaded area. So, what we want to recognize is when the market breaks under the pink zone, it goes to the green zone. Now let's go ahead and bring it over to the right-hand side and I'll zoom in a little bit. Note that we are underneath the pink zone right now. The market has closed underneath it on the larger red candle from yesterday. We've opened underneath it for today's candle, but we haven't closed underneath it, so that's the caution I have right now. We haven't closed on the daily timeframe, singular candle body open and close, under the pink-shaded area. That's the clue to me that it's a real breakout and not a false breakout. We've seen before where a candle body opens underneath a support and suddenly turns back above it, and that would end up being a false breakout. So, we don't want a false breakout. We want a real breakout. We do notice also that it's underneath these last support lows. You could see even five days holding support on top of the pink zone, and the fact is we are underneath there now, giving us higher confidence that it's becoming a real breakout rather than a false breakout. Now, what we can do to give ourselves even more confidence is bring it down to the four-hour timeframe. And now, as we get down here to the four-hour timeframe, we do indeed see we have seen opens and closes. Singular candle bodies, several of them, underneath the pink zone and the 0.9610-level. So, now that we've seen that, it gives us an opportunity to go ahead and jump into this as a short opportunity. Now, I always say you want to sell into resistance to give yourself a better risk versus reward. We always want better risk versus reward. We want better reward also. So, to get better reward, better risk, we actually would like to see it challenge back up here towards the pink-shaded area as close as possible. Maybe not all the way to 0.9610, but at least as close as possible because we know what the risk is. The risk is that it gets back above the pink zone and starts working its way back higher. So, we know what the risk is. We know what our potential profit is. We've already studied that from back in time, that it goes back down to the green zone. We place a stop loss then, if we get into the short, above the pink zone to get out if it breaks back above it. We target the green zone. So, what I'm looking for today is a sell as close as possible to 0.9610. I've placed a pending sell order at 0.9605. That way, if it bumps its head into the pink zone again, we'll get into the short, target the green-shaded area back to 0.9515 to 0.9530-level or lower, and the risk, again, is that it breaks back above the pink zone and starts to reverse this move from yesterday on the USDCHF today. https://www.youtube.com/watch?v=-ZfFDhgdD10 Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.