HIGH POTENTIAL BEARISH CYPHER PATTERN ON 4H GBPCHF!
Hello traders,
i wish you had a nice trading week,month and a nice trading summer as we come to an end.
To be honest it was an unusual summer as far as volatility and that was good for us..
No need to say anything else let's see this bearish Cypher pattern on 4H timeframe on GBPCHF.
TECHNICAL OBSERVATIONS
1.THE 200EMA HAS A DESCENDING SLOPE AND THAT'S FAVORING THE SHORTS.
2.WE HAVE THE BLUE DESCENDING CHANNEL THAT IS CURRENTLY BROKEN AND WE ARE EXPECTING THE RE-TEST.
3.THE RE-TEST OF THE DESCENDING CHANNEL IS COINCIDES WITH THE POSSIBLE TARGETS OF THE BEARISH CYPHER PATTERN,SO WE HAVE ONE MORE CONFIRMATION BASED ON STRUCTURE.
4.WE HAVE STOCHASTICS AT OVERBOUGHT AREA READY FOR A CORRECTION.
5.WE HAVE RSI AT OVERBOUGHT LEVELS AND WE HAVE BEARISH DIVERGENCE AS PRICE IS MAKING HIGHER HIGHS BUT THE RSI INDICATOR IS NOT.
6.PRICE IS APPROACHING A RESISTANCE ZONE BASED ON PREVIOUS STRUCTURE.
POSSIBLE SHORT TRADE
BUY STOP AT PSYCOLOGICAL ALSO NUMBER 1,2700 AND 1.13% FIB EXTENSION OF XD LEG.
ENTRY PRICE AT 1,26050
FIRST TARGET T1 AT 1,24600
SECOND TARGET T2 AT 1,23660
THANK YOU ALL FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
i wish you had a nice trading week,month and a nice trading summer as we come to an end.
To be honest it was an unusual summer as far as volatility and that was good for us..
No need to say anything else let's see this bearish Cypher pattern on 4H timeframe on GBPCHF.
TECHNICAL OBSERVATIONS
1.THE 200EMA HAS A DESCENDING SLOPE AND THAT'S FAVORING THE SHORTS.
2.WE HAVE THE BLUE DESCENDING CHANNEL THAT IS CURRENTLY BROKEN AND WE ARE EXPECTING THE RE-TEST.
3.THE RE-TEST OF THE DESCENDING CHANNEL IS COINCIDES WITH THE POSSIBLE TARGETS OF THE BEARISH CYPHER PATTERN,SO WE HAVE ONE MORE CONFIRMATION BASED ON STRUCTURE.
4.WE HAVE STOCHASTICS AT OVERBOUGHT AREA READY FOR A CORRECTION.
5.WE HAVE RSI AT OVERBOUGHT LEVELS AND WE HAVE BEARISH DIVERGENCE AS PRICE IS MAKING HIGHER HIGHS BUT THE RSI INDICATOR IS NOT.
6.PRICE IS APPROACHING A RESISTANCE ZONE BASED ON PREVIOUS STRUCTURE.
POSSIBLE SHORT TRADE
BUY STOP AT PSYCOLOGICAL ALSO NUMBER 1,2700 AND 1.13% FIB EXTENSION OF XD LEG.
ENTRY PRICE AT 1,26050
FIRST TARGET T1 AT 1,24600
SECOND TARGET T2 AT 1,23660
THANK YOU ALL FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!