The long setup on the EURCHF did work out but I have to admit that the pullback was deeper than expected. Nonetheless with a conservative entry tactics the trap was avoided. On the first chart I marked the early break of the pullback’s trendline. The price hit a new low and neither the bullish pin bar nor the high wave candle that followed have triggered a long entry even though both have suggested downside failure.
The second chart shows the real break of the trendline with a nice reversal bar testing the level of the breakout. The risk/reward was easily better than 1:1 but up to this point has not reached 1:2.