Hello everyone, I hope you had a restful weekend.
I'm focusing on a few pairs this week and GBPCHF is one of them.
Reason for taking trade:
1. Structure has broken the previous high showing a high probability chance of forming an expanding/regular flat with abc correction. Therefore the move down is needed to complete the FLAT being formed
2. MACD divergence from 15 min-H4 timeframe currently in play
3. There is a FVG 1.12034 15 min TF that needs to be closed before the move initially starts
4. CHF CPI news in 1 HR will most probably be the trigger to push the pair downwards.
Entry: 1.12034
STOP LOSS: 1.12285
Take profit: 1.10625
I'm focusing on a few pairs this week and GBPCHF is one of them.
Reason for taking trade:
1. Structure has broken the previous high showing a high probability chance of forming an expanding/regular flat with abc correction. Therefore the move down is needed to complete the FLAT being formed
2. MACD divergence from 15 min-H4 timeframe currently in play
3. There is a FVG 1.12034 15 min TF that needs to be closed before the move initially starts
4. CHF CPI news in 1 HR will most probably be the trigger to push the pair downwards.
Entry: 1.12034
STOP LOSS: 1.12285
Take profit: 1.10625
Trade closed: stop reached