Due to my location, I will be trading between 4:00 GMT to 12 GMT on 15 min time frame (15 MTF).
Trade will be based on price action i.e. Inside Bar (IB), Outside Bar (OB) and Pin Bar (PB) with RSI (6 period) and Stochastic (Stoch 5,3,3).
Today we look at USDCHF or uc.
On the 60 MTF, uc is on the downtrend (below 50d MS). Price correction on Thursday/Friday carried it to the 50d MA and 0.82 level.
Today in early Asian session, uc gap down to Thursday low at around 0.8080 before moving passed 0.81 level easily and the uptrend during Tokyo morning session. The rebound should be moving toward 0.815 level and then to 0.82 level.
On the 15 MTF, uc 20 MA is approaching from below the downsloping 50 MA i.e. uc is the process of reversal from downtrending to uptrending. (Note: my broker time is equal to +3 GMT)
Signal bar 2, an IB with range 0.8122/0.81149. Entry at next bar at 0.8123 (breakout of IB high). Signal bar 1 is not taken as the next bar broke IB bar 1 at low. Price is on the upward since the RSI and Stoch are at low extreme.
TP1 is at 20 pips=0.8142. TP2 is at 61.8% of the Asian range (the colour rectangle)=0.8166.
Bar 3 is an IB at the top i.e. breakout of IB low is for short entry. Avoid it since uc is at early stage of uptrend. 50 MA upsloping on top of flat 50 MA.
Next entry is with signal bar at 3, an IB with range 0.81463/0.8139. Entry buy at 0.81563 on the next bar. TP on 10 GMT.
