informedtrades
Short

Reversal Candlestick Forming Off Resistance

FX:GBPCHF   British Pound / Swiss Franc
19 0 0
In addition to the downward channel we're seeing, which I interpret as the key sign confirming price is in a downtrend, we're seeing what looks like a reversal candlestick on the daily chart (still in formation, at the time of this writing) appearing after a pullback to resistance. I'm short at 51955, with my stop at 52528 and my target profit at 49773. This gives me a reward/risk of over 3.8.

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