I'll be scouring the charts for "actionable masterpieces". These will be signficant chart patterns or set-ups that I feel are not only tradeable, but also have a high probability of making big profits with little risk. Whenever I spot an "actionable masterpiece", I will post an annotated chart (my chart art) along with an explanation. My goal is to help you learn how to spot these low ocurring but highly profitable "actionable masterpieces" yourself.
Buy USD/CHF
Has this pair bottomed out for now? It looks like 1.20 is holding as solid support. With the recent panic dollar sell-off due to subprime mortgage concerns, some relief looks to be in the works. There is bullish divergence present with price making lower lows, while the oscillator creates higher lows.
The 4-hour chart seems to confirm what I see on the daily chart. There is also bullish divergence with price consolidating and flat-lining around the 1.20 handle while the oscillator floats steadily upwards hinting of a possible recovery.
I look for support at 1.20 to be re-tested but hold. I'm going to buy at 1.2000. My stop loss (SL) will be 1.1970. My profit target (PT) will be 1.2150.
Buy USD/CHF @ 1.2000 | SL: 1.1970 | PT: 1.2150
