Still in Buying the Dip mode for us looking for weak hands to give us their trades at a discount.
CHF has remained weak for many weeks now, inevitably the tide will turn at one point and we may miss the turn and even still hold our long bias when it does.
By trend following when our CURRENCY HEAT MAP tells us to we avoid picking the tops and bottoms of any trend,...
By focusing on the very strongest vs weakest of the MAJOR CURRENCIES, we are able to hold onto our WINNING TRADES for much LONGER without the fear of giving back open profits to the markets.
2021 So far, has been VERY GOOD to us keeping us on ONE SIDE of the market and only buying the BRITISH POUND GBP against the weakest of the other Majors.
Less usually means...
We had thought we had posted this chart yesterday again but we hadn't
Anyway As per our HEAT MAP, You can see GBP has held first place for Many weeks now, & CHF along with JPY have been fighting between them as to which keeps last spot as the WEAKEST of the Majors.
Our earlier PRICE Target were Met and EASILY EXCEEDED
Keeping things simple we will be looking...
We have been only trading on the long side of GBP across several of the majors during the past few weeks and have had some of easiest timed trades focusing in one direction.
A lot of money is lost by traders trying to trade both long and short especially within the same timeframe chart.
A lot of the feedback we get from traders is how to identify the best pairs...
This hit TP yesterday on my previous posts for this pair. Want to see this retrace now for another chance to long. I have marked out the area for this to retrace to around 0.382 Fibonacci, we need to wait and see when this rebounds though as it is possible to drop further than this between 0.5 and 0.618, I think this is unlikely but its better to wait and be safe....
GBP has been correcting over the past few days against most, if not all pairs. This recently had a breakout above a big resistance level so the retrace was expected and should go back to this previous resistance which will now act as support. Anywhere from 0.382 and 0.5 Fibonacci will be a good longing position. We need to see the price start to turn first and the...
We are still very Bullish GBP so are only trading it against the weakest currencies at the moment.
Our Currency Heat Map suggest we still need to be Trading GBPJPY and GBPCHF we also have been intraday trading GBPUSD
As previously reported on GBP/CHF this is breaking above the resistance. If this closes above resistance then look for a retrace to support before entering a long. TP is 1.25320 which is the next resistance level. Use 4HR and 1HR timeframes and MACD and EMA to help time the entry. I will make another idea with shorter timeframes if this starts to retrace to support.
This has clearly been ranging between the levels marked. It may continue to do this but I am only looking to trade this if it breaks above the resistance, then a long can be taken when it retraces and tests this previous resistance which will be turned support.
Price is currently consolidating before another move.. it is stuck at its current resistance level, we will need to wait for a breakout at either end before entering a position on this pair.
My bias is bearish so will wait for price to break the trendline before shorting
Here I explain why we could see another push to the upside for GBPCHF and why we could also potentially see a higher high in the market as 1.22500.
Leave a comment if you agree, disagree or have any questions :)
This pair is perfect for analyzing.
You will notice the previous structure got attacked and GBPCHF was forced to create new double top highs.
I still think this pair will follow the route of the ascending channel after bouncing from the horizontal line, we just need to give it time.