Trade Set Ups - 22nd June 2024

Bullish Forex Pairs 🐂

Trade Set Ups - 22nd June

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In this email:

  • USD/CHF

  • CAD/JPY

  • EUR/CHF

All Trade Set Ups Are Analysed Using 10 minute Time Frame

USD/CHF Set Ups 💰

USD/CHF is showing recent bullish momentum after trending down & consolidating. Price has moved above the 15 & 180 period moving averages which is an indication to us that the uptrend could be back. Recent consolidation at the higher levels looks to be the formation of a base for another leg up.

10 Minute Chart for USD/CHF

Trading Plan

Support and Resistance Levels
Support: Around 0.8920 (near the 200-period moving average).
Resistance: Near 0.8950 (recent high).

When to Enter
Long Position: Pullback to a support level or a breakout above the recent high.
Short Position: If price action shows signs of a bearish reversal pattern near the resistance level.

Recommendation: Go Long

Long Position:
- Entry: 0.8935 (current level or slight pullback)
- Stop Loss: 0.8920 (below the 200-period moving average)
- Take Profit 1: 0.8955 (recent high)
- Take Profit 2: 0.8975 (further resistance level)
Risk-to-Reward Ratio:
- Risk: 0.0015 (Entry 0.8935 - Stop Loss 0.8920)
- Reward: 0.0020 (Take Profit 1: 0.8955 - Entry 0.8935)
- Reward: 0.0040 (Take Profit 2: 0.8975 - Entry 0.8935)
- Risk-to-Reward: 1:1.33 to 1:2.67

Short Position:
- No trade available. Market sentiment and technical indicators don’t give us a set up with appropriate risk to reward right now.

USD/CHF 30 minute chart with TP levels marked out

Summary

- Market Sentiment: Bullish
- Trade Recommendation: Long position
- Entry Point: 0.8935
- Stop Loss: 0.8920
- Take Profit 1: 0.8955
- Take Profit 2: 0.8975
- Risk-to-Reward Ratio: 1:1.33 to 1:2.67
- Trade Quality: 8/10 (High chance of success because of the bullish trend and support from moving averages)

This analysis is based on current market conditions. Adjust entries and exits based on real-time market conditions and news*

CAD/JPY Set Ups 💰

CAD/JPY is in a clear uptrend with higher highs & higher lows forming. Price is above the 15 & 180 period moving average which indicates bullish momentum. We’ve also seen a recent pullback to the 180 period moving average that was followed with a strong move back up.

CAD/JPY on a strong uptrend right now

Trading Plan

When to Enter
Long Position: After a slight pullback from the current high to ensure better entry price
Short Position: N/A on this one for now

Recommendation: Go Long

Long Position:
- Entry: 116.40
- Stop Loss: 116.00 (below recent swing low & psychological level)
- Take Profit 1: 117.20 (close to next resistance level)
- Take Profit 2: 118.00 (further resistance level, providing a higher reward)
Risk-to-Reward Ratio:
- Risk: 0.40 (116.40 - 116.00)
- Reward: 0.80 (117.20 - 116.40)
- Reward: 1.60 (118.00 - 116.40)
- Risk-to-Reward: 1:2, 1:4

Short Position:
- No trade available. Market sentiment and technical indicators don’t give us a set up with appropriate risk to reward right now.

4hr Chart used on CAD/JPY to find next resistance points

Summary

- Market Sentiment: Bullish
- Trade Recommendation: Long position
- Entry Point: 116.40
- Stop Loss: 116.00
- Take Profit 1: 117.20
- Take Profit 2: 118.00
- Risk-to-Reward Ratio: 1:2 to 1:4
- Trade Quality: 8/10 (very strong bullish trend gives us a high probability of success)

This analysis is based on current market conditions. Adjust entries and exits based on real-time market conditions and news*

EUR/CHF Set Ups 💰

EUR/CHF above both moving averages for a bullish trend. Recent price action is giving us higher highs & higher lows which supports the bullish sentiment. The recent price action shows higher highs and higher lows, which is characteristic of an uptrend.

USD/CHF on a solid bullish trend

Trading Plan

Support and Resistance Levels
Support: Significant support around the 0.9530
Resistance: Around the 0.9560

When to Enter
Long Position: Small pullbacks for best entries
Short Position: N/A on this one for now

Recommendation: Go Long

Long Position:
- Entry Point: 0.9550 (current market price is close to this level)
- Stop Loss: 0.9530 (just below recent support)
- Take Profit 1: 0.9570 (20 pips above entry, near resistance)
- Take Profit 2: 0.9590 (40 pips above entry, extended target)
Risk-to-Reward Ratio:
- Risk: 0.0020 (0.9550 - 0.9530)
- Reward: 0.0020 (0.9570 - 0.9550)
- Reward: 0.0040 (0.9590 - 0.9550)
- Risk-to-Reward: 1:1, 1:2

EUR/CHF with TP & Entry levels marked out

Summary

- Market Sentiment: Bullish
- Trade Recommendation: Long position
- Entry Point: 0.9550
- Stop Loss: 0.9530
- Take Profit 1: 0.9570
- Take Profit 2: 0.9590
- Risk-to-Reward Ratio: 1:1 to 1:2
- Trade Quality: 6/10 (Solid uptrend but lots of volatility on the way up & could get caught out with a sudden move down)

This analysis is based on current market conditions. Adjust entries and exits based on real-time market conditions and news*

That’s all! See you again tomorrow 👋 

P.S Hit reply & let me know what you thought of todays setups. All feedback is welcomed. And send me screenshots of your profits from any of the trades! ❤️

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