ForecastCity
Short

Don't miss this Sell trading opportunity of GBPCHF!

FX:GBPCHF   British Pound / Swiss Franc
Midterm forecast:
While the price is below the resistance 1.2200, resumption of downtrend is expected.
We make sure when the support at 1.1670 breaks.
If the resistance at 1.2200 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:
A peak is formed in daily chart at 1.2115 on 05/05/2020, so more losses minimum to Major Support (1.1670) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 36.

Trading suggestion:
There is possibility of temporary retracement to suggested Sell Zone (1.22 to 1.214). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.
We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

Beginning of entry zone (1.22)
Ending of entry zone (1.214)

Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
Trade Setup:
We opened 6 SELL trade(s) @ 1.1996 (day close price) based on 'Peak' at 2020.05.11.

Total Profit: 1022 pip
Closed trade(s): 162 pip Profit
Open trade(s): 860 pip Profit

Closed Profit:
TP1 @ 1.1960 touched at 2020.05.12 with 36 pip Profit.
TP2 @ 1.1870 touched at 2020.05.13 with 126 pip Profit.
36 + 126 = 162 pip

Open Profit:
Profit for one trade is 1.1996(open price) - 1.1781(current price) = 215 pip
4 trade(s) still open, therefore total profit for open trade(s) is 215 x 4 = 860 pip
All SLs moved to Break-even point.

Take Profit:
TP3= @ 1.1670
TP4= @ 1.1470
TP5= @ 1.1100
TP6= Free
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Comments

It will be interesting to see how low we can go. GBP likes to move.
+2 Reply
ForecastCity PeterHedger3
@PeterHedger3, Thanks for following us.
+1 Reply
Excellent!
+2 Reply
ForecastCity Forecast_Crypto
+1 Reply
You are one of my favorite analysts!
+2 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, Our pleasure.
+1 Reply
@ForecastCity always enjoy your posts.
+2 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, we're lad you enjoy it.
+1 Reply
Looks great and very professional!
+2 Reply
ForecastCity FlyToSky1
@FlyToSky1, thanks
+1 Reply
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