Think it might bounce @blokeofkent , but too early to tell, to be honest.
Hovering around that 200 EMA as you mentioned.
Let’s keep an eye on it going into next week 
I think you up or down prediction could turn out to be spot on!
Yup, I reckon i’ve cornered the market in trading predictions!! Thing is to prepare yourself for both events (up or down) both of which are statistically almost identically likely to happen.
Let’s imagine that USDCHF has confirmed according to your criteria that a downtrend is now in effect.
@MattyMoney was looking at the 1 week chart, I have been mainly looking at 4hr and 1 hr.
I’m interested to know how you guys would play this. Would you be looking to hold positions to catch the whole long term trend? And closing when the setup is no longer valid on your timeframe? Selling after each pullback and taking lots of smaller trades?
I have considered, once confirmed, shorting the market and adding to my position after a pullback and continuation…
I know everyone’s style might be different, but I feel sometimes exit strategies are harder than entries!
Thanks to everyone who has contributed to the thread so far, all your advice is extremely welcome.
I would go onto the longest timeframe that gave me confirmation and ride the trend down. I would use a trailing stop (adjusted manually by me, not the computer) to limit any unexpexted big reversals. I would usually also buy down into the trend once i’d placed my first stoploss. The more my profits the more i’d adjust the trailing stop. If the graph shows a reversal/upswing is likely then I’d sell out and buy in again after the uptick is over.
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I think this is true for most traders, including myself.
Lack of patience has been my weakness since I started trading, but my success rate for short term trading (under 1D) isn’t good enough, which is a bad combination and which took me a long time to accept, even with the numbers right in front if me.
So, to combat this I place stop orders off the daily chart, using weekly TA, and I will open and close multiple positions throughout the week.
I’ve lost too much money trying to trade reversals, so I try to avoid them and look to ride current trends. This isn’t a typical setup for me so I’ll just wait until next week and place a short order somewhere below the current price seeing as price is going the way I want it to:
That candle closed in the red. It never closed below the trend line either, but trend lines are subjective and should be treated as zones, not lines.
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Did anyone else here end up shorting this pair last week?
Naah, I was just happy to advise from the sidelines! I’m already all-in on that copper trade I was expecting to reverse!
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I went short on Thursday, currently holding the position.
Good trade!