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USDCHF BREAKEVEN

6th December 2017 contacttf

The Chikou span is the lagging indicator component of the Ichimoku Kinko Hyo candlestick trading model. The Chikou is a line of the most recent price action, but it is plotted 26 trading periods into the past. Chikou spans are designed to allow traders to visualize the relationship between current and prior trends.

USDCHF had been on my watch list for some time. The resistance drafted from the 1 hour chart was too far away when working with the 1 min chart.

Trade entry made as soon as I saw the bearish engulfing pattern.

The stop is above the second resistance zone.

I moved my stop down aggressively to breakeven.

The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.