GBPCHF is been currently overbought on a lot of timeframes, while the pair reach the strong resistance at 1.28600 ~1.29000 zone which is the current 61.8% fibo retraction AND EMA 50 as well ( weekly timeframe ) .
This might be a good opportunity to short this pair with a S.L above the current resistance (1.29 zone) aiming the next support at 1.27500 zone and weekly pivot .
An overextended opportunity looking at the higher timeframes would be short this pais with a S.L above 1.30 psichologic level aiming the current weekly low at 1.25 zone.
Of course we must wait any signal of resistance rejection and upward desaceleration before think entering short, and we must be aware that BREXIT news can shake out the british pound for up or down.
The RSI confirm overbought zone at daily and H4 timeframes which is a bearish confluence.
Of course, if the pair shows NO SIGNAL of deceleration or rejection, no short trade should be open =)
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
This might be a good opportunity to short this pair with a S.L above the current resistance (1.29 zone) aiming the next support at 1.27500 zone and weekly pivot .
An overextended opportunity looking at the higher timeframes would be short this pais with a S.L above 1.30 psichologic level aiming the current weekly low at 1.25 zone.
Of course we must wait any signal of resistance rejection and upward desaceleration before think entering short, and we must be aware that BREXIT news can shake out the british pound for up or down.
The RSI confirm overbought zone at daily and H4 timeframes which is a bearish confluence.
Of course, if the pair shows NO SIGNAL of deceleration or rejection, no short trade should be open =)
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Comment:
Price show no weakness so far, lets watch the behaviour as it approaches 1.30 zone
Comment:
Price looks like its rejecting the zone, a lower high on H4 might be a confirmation of change of charater .
Comment:
So we got a nice rejection candle on weekly and daily timeframe.
As i've said before, a conservative way to enter short is to wait a lower high on our H4 timeframe.
As i've said before, a conservative way to enter short is to wait a lower high on our H4 timeframe.
Comment:
The price doesnt provided a lower high and therefore no trade was executed, maybe next time =)