Looking at this pair we can see a descending triangle pattern on the 4hr time frame suggesting further continuation to the downside, targeting the bottom trendline which is also a low from a couple years back. Waiting for a correction to be formed before entering on the breakout.
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...