Directly from Vladimir Ribakov's Live Trading Room
We have a possible Bearsih scenario here for the USDCHF. First if you look to the H4 charts we have Bollinger band duplication area to previous support area around .9091. It is at the area it is possible to have a Bearish Hidden Divergence. We will have lower highs on the charts and and higher highs on the Stochastic indicator. If we go down to the H1 charts it is here where we will be looking to enter. On the H1 charts we want to see is price reach the Duplication area around .9091 and create a bearish continuing divergence. If we get this price action we are going to want to get a Bearish candle pattern to confirm a clear stop and that will be our signal to sell. We will be aiming the 20MA for quick intraday profits and second will remain open, could possible reach .9045 and than the next support around .9000.
USDCHF trade setup for March 01, 2012
USD/CHF Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3