After constant testing of support level 1.256 we can see price finally breaking lower whilst still fitting within this downward channel pattern which should lead this pair to the major bottom level 1.24250. If so, this should give one last impulse within the channel pattern before any wave theory reversals can be put intact. Waiting for a retest of this...
I've been watching this trade for a while now. This pair is about to complete XABCD pattern. Once completed I will go short on this pair. I've marked entry point, tp and sl for you as well.
This trade is only valid once it reaches the entry point. Let me know your thoughts.
Trade safe and good luck.
GBP Short Bias
- LogicStrategy Quant score seen consecutive days of economic contraction for Great Britain. (-7) on the 26/03 and (-4) on the 27/03
CHF Long Bias
- LogicStrategy Quant scores saw a huge (+25) shift from 38 to 63 - showing continual swiss strength.
This idea suits the uncertain agenda for the british economy - with the institutions moving cash...
Currently shorting the GBPCHF, I have been in the trade for 1 week so far, already gained 75 pips since the trend reversed.
The RSI, MACD & Slow Stoc have confined this range will continue for some time. I trade on the daily chart only, please use self analysis before placing any trades.
I aim to hold my position until my slow stoc crosses over once more.
i've looking at this pair since we've reached the yellow zone highlighted on the left hand side of your screen. And i'm now getting involved because of the false breakout that you see on the right hand side of your screen. But let me be clear: first, we are at a major structure level on the daily timeframe, second, we've reached overbought condition on...
this is a real time trade here. On GBPCHF price has reached a level where often times in the recent past it's found resistance or support. You can see every time it got there, price had some kind of reaction to that level. Now price has come back to it and it's forming RSI divergence while climbing up. The last candles make me think we could be headed...
Monthly: The move from the year 2000 to the 2015 lows, could be seen as an Elliott Wave 5 wave bearish count (impulse). If this is the case, then we are in the corrective formation higher. The most important factor to take away from this timeframe is the fact the Ichimoku Cloud continues to stall (cap) buying.
Weekly: Levels close to 1.3414 continues to find...
a simple harmonic pattern here on GBPCHF. It's going to complete right at a structure level: with stops above X and targets at 382 and 618 of AD leg it could be a nice shorting opportunity. Let's see how it plays out.
If you have questions or ideas to share, feel free to comment below.
Otherwise, see you in the next chart!
oday’s speech of Bank’s President, Mark Carney, seriously weakened pound sterling. As a result GBPCHF on H4 formed a Bearish Engulfing Formation. The candle forming the aforementioned formation establishes a lower low and its closure took place under the support area of 1.2387. This could therefore mean the end of bearish correction that began after UK elections....
we were waiting for a nice selling signal on this pair, and maybe this is happening. Price has reached another key level of daily structure and the RSI is in divergence on the daily as well as overbought on this timeframe. Moreover you can see price action has given the first signal of rejection with a pinbar (long wick to the top) that could be...
i know what you may think, probably after one day like this for the pound you wouldn't even consider a shorting possibility. However, patterns are always repeating, and our job, as techincal trader, is to find those patterns and keep trading them.
So here on the daily timeframe on the GBPCHF you can see that the today's rally has brought price up to the...
today i want to bring this analysis i've made on GBPCHF. As you can see we're in a daily structure zone (blue rectangle) and price is having some difficulties breaking through. Actually it's created a nice double top with RSI divergence (down on the bottom) right at this level, that's also lining up with the 618 retracement and a psychological number...
The last 3 days have seen 3 indecision doji candles suggesting the BULLS are running out of strength.
As long as we remain above the 200 on the DTF we must assume we are still in an uptrend but with RSI weakening, a move back to support must be favourite.
I'll be looking for a move down to 1.25 in the next trading week and see if support here holds. With political...