GBPCHF potential 450 pips bull reversal?
GBPCHF is right at the very significant support level around 1.0850.
I will be monitoring daily and 4H timeframes for signals of bull reversal. It is a potential 450 pips bull run in the making, repeating previous pattern up to the most significant daily resistance level around 1.1550.
If a bullish pinbar or a three bar reversal pattern emerges, will go in with 3 positions aiming at the 4H resistance levels:
- 1.12300
- 1.14150
and finally:
- 1.15470
I will be monitoring daily and 4H timeframes for signals of bull reversal. It is a potential 450 pips bull run in the making, repeating previous pattern up to the most significant daily resistance level around 1.1550.
If a bullish pinbar or a three bar reversal pattern emerges, will go in with 3 positions aiming at the 4H resistance levels:
- 1.12300
- 1.14150
and finally:
- 1.15470
Trade active:
Opened a first small conservative buy position aiming at the first target near first resistance level (1.1229). If daily bar provides clear confirmation of buy signal, will add to the trade with more ambitious TP near the second resistance area (1.1415) and 1.1547.
Trade closed: target reached:
Price structure did not convince me to add to the position. Closed long position at 1.1187 booking a profit of 85 pips.