AbdullahDjendel

GBP CHF - Short signal

Short
FX:GBPCHF   British Pound / Swiss Franc
GBP CHF - Short - Will sell this pair off off the double top from EMA 800 once candle closes as a hammer .
- The hammer should either doji or close red if i am to take it but this is a clear double top off of an EMA if i do
- Because this pair is currently in bullish momentum i will manage my stop and tp since it may not reverse as hard as i may expect
- Nonetheless i thought this was good enough to put out there since it would be a very clean double top on the close
- Again note i am only taking this once a candle close red or topside pins and closes as a doji (the candle's body must be essentially negligible)
- If this pair breaks the high and doesn't reverse i will no longer have this trade on the table
- Stop is 10 - 15 pips above the high off the formation
- TP slightly above the 200 EMA
- Although i would prefer if the RSI (green) was above 68 on the TDI , the first leg off the formation broke 68 and bolinger bands and hooked back in increasing my confidence



Comment: Forgot to mention that if it does begin to correct divergence ma appear which is another short confirmation
Trade active: Trade entered off of hammer close held the high of formation, to be safe a red candle entry wouldn't go amiss
Comment: Stop will be moved to break even at 32 pips profit (near the 50 ema)
Trade closed: stop reached: Should have waited for close under 13 ema which occured much later invalidating the pattern and trade (late update trade invalid due to not enough confirmations)

Comments

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