With the release of the Rightmove House Price Index this morning showing falling house prices in the UK we still have no reason to be bullish on the Pound.
GBPCHF has been in a strong downtrend of late, indicated by the lower lows and lower highs on our chart. We are looking at a very simple swing trading opportunity here by selling at the Weekly Central Pivot Point, IF an opportunity to enter a trade presents itself.
If not, we will re-assess at the 61.8& Fibonacci retracement level.
GBPCHF has been in a strong downtrend of late, indicated by the lower lows and lower highs on our chart. We are looking at a very simple swing trading opportunity here by selling at the Weekly Central Pivot Point, IF an opportunity to enter a trade presents itself.
If not, we will re-assess at the 61.8& Fibonacci retracement level.
Trade active:
We opened this trade after a short period of consolidation at the Central Pivot Point.
We zoomed in to the M5 timeframe where we got a nice bearish engulfing candle with RSI divergence. This was our signal to get short.
First target of 55 pips with a 15 pip stop (1:3.66 Risk:Reward) has been hit, stops moved to break even and the rest of our position will run unti eitherl the Weekly M1 or our stop is hit.
We zoomed in to the M5 timeframe where we got a nice bearish engulfing candle with RSI divergence. This was our signal to get short.
First target of 55 pips with a 15 pip stop (1:3.66 Risk:Reward) has been hit, stops moved to break even and the rest of our position will run unti eitherl the Weekly M1 or our stop is hit.
Comment:
Comment:
Little bit of trade management on this one. Stops rolled down now to lock in profit and just waiting for our second targets to be hit at 1.23000 for 168 pips profit.
Trade closed: target reached:
Target 2 reached for 167 pips profit. Well done to everyone who held on as with our standard 1% risk per trade, this trade returned a massive 11% ROI.