MarlyForex
Short

GBPCHF - [ SHORT ] FOLLOWING THE TREND :)

FX:GBPCHF   British Pound/Swiss Franc
343 4 27
9 months ago
Display: FX:GBPCHF            

Description: As shown above we have FX:GBPCHF             . Short term we have price moving Bullish , However
we've been in a downtrend/Bearish channel since Mid December. As it is clear cut which position we should be taking we would now need a valid setup.As shown above there is a possibility price may retrace to the 0.50 - 0.618 Fib drawn from previous significant swing high located at Monthly Resistance lower leg likewise.If price reaches those levels we would then wait as that would be a breakout and could things so i would re post on that basis, On the other hand we may have a clear cut short upon break of the BLACK TL.

Before shorting i would wait for confirmation upon confirmation the first TP would be Monthly support and there forth as shown on the chart.

Using these indicator/s: On the Daily the 10 20 EMA are heading south. 10 smoothing out price Whereas the 20 is acting as resistance. Price is just about over the 50. RSI .

Duration: Long Term

Decision: I will SHORT this pair off the retracement if it shows a possible fakeout, If price declines and closes below black TL we could short with confirmation and possibly tighten the SL.

Trade Setup:
Entry: 1.39450
TP 1: 1.37000
TP 2: 1.35800
SL: 1.40400

Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.

Remember to always trade your stratergy... Happy Trading

Useful Information:

TREND: Bearish

INDICATORS: Moving average RSI

ATTACHED CHART : YES
9 months ago
Trade active: Cover entry
9 months ago
Comment: Still in for TP2 :)
9 months ago
Trade active: Still short for tp 2
9 months ago
Trade closed: target reached: Take Profit 2 HIT :)
MarlyForex
9 months ago
GBPCHF - DOUBLE BOTTOM
Previous long position after the double bottom
Reply
MarlyForex
9 months ago
GBPCHF -- WAIT FOR SHORT CONFIRMATION!!
Previous short very similar to action of GBPCHF atm
Reply
Piet.Hein
9 months ago
the trend is your friend :)
Reply
MarlyForex Piet.Hein
9 months ago
haha exactly mate :)
Reply
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