GBPCHF - Continuation To The Downside?
Analysis:
Bearish Confluences
Bullish Confluences
Stay Safe- The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We appreciate any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profiftable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Bearish Confluences
- Strong longer term downwards trend
- Retest of a key resistance level
- Longer term downwards trendline touch
- Head and shoulders pattern present
- 9k long position decrease for the GBP
- 1k long position increase for the CHF
- 2k short position decrease for the CHF
Bullish Confluences
- GBP is the 2nd strongest major currency whereas the CHF is the 3rd weakest major currency
- 6k short position decrease for the GBP
Stay Safe- The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We appreciate any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profiftable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Trade active:
Our entry criteria has been met and our order has been filled. We are short looking for price to continue this downwards trend after the recent pullback that we saw.
Trade closed: stop reached:
Trade Closed
(-1R) Lost
After Trade Comments:
This setup was exactly to our plan and looked promising to us but ultimately we saw some GBP strength come in, which has helped a few of our trades but for this trade it did the opposite as we saw price rise eventually hitting our stop loss. As mentioned prior this trade was exactly to plan but price just didn't play out in our favour which happens sometimes. This is all part of trade. Our analysis was correct in accordance to our trading plan but price just went against us. This just shows the importance that no matter how good a setup may look price can still go against you. Nothing is certain until that trade is closed. Don't get ahead of yourself as this is detrimental to your trading journey. Be patient and wait. Be humble and don't get ahead of yourself. This trade also teaches us another lesson, diversification. By diversifying our risk on GBP even though this trade got stopped out our other trades have benefited from this move putting us in net profit. If we didn't hedge our trade then we wouldn't be in profit overall in regards to this GBP move but because we are we've profited from this. Hedging isn't for everyone but we recommend it to all as this is just another way to protect your capital and limit your risk which at the end of the day is most important. If you want to know more about hedging and diversifying then reach out to us and we'll tell you more. Alternatively watch a YouTube video about it, look it up online, read a book. You can never know to much and this might be something you want to use in your trading to minimise your risk and maximise your reward. Taking at least a look into hedging and diversification is worth it in our opinion which is why we recommend that every trader does so. With this trade being over and that being said lets look for the next setup to catch!
Stay Safe - The JPI Team
(-1R) Lost
After Trade Comments:
This setup was exactly to our plan and looked promising to us but ultimately we saw some GBP strength come in, which has helped a few of our trades but for this trade it did the opposite as we saw price rise eventually hitting our stop loss. As mentioned prior this trade was exactly to plan but price just didn't play out in our favour which happens sometimes. This is all part of trade. Our analysis was correct in accordance to our trading plan but price just went against us. This just shows the importance that no matter how good a setup may look price can still go against you. Nothing is certain until that trade is closed. Don't get ahead of yourself as this is detrimental to your trading journey. Be patient and wait. Be humble and don't get ahead of yourself. This trade also teaches us another lesson, diversification. By diversifying our risk on GBP even though this trade got stopped out our other trades have benefited from this move putting us in net profit. If we didn't hedge our trade then we wouldn't be in profit overall in regards to this GBP move but because we are we've profited from this. Hedging isn't for everyone but we recommend it to all as this is just another way to protect your capital and limit your risk which at the end of the day is most important. If you want to know more about hedging and diversifying then reach out to us and we'll tell you more. Alternatively watch a YouTube video about it, look it up online, read a book. You can never know to much and this might be something you want to use in your trading to minimise your risk and maximise your reward. Taking at least a look into hedging and diversification is worth it in our opinion which is why we recommend that every trader does so. With this trade being over and that being said lets look for the next setup to catch!
Stay Safe - The JPI Team