Description: As shown above we have FX:GBPCHF . Short term we have price moving , 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: [200 ,20 ,10 EMA] On the Daily the 10 20 are heading south. 10 smoothing out price Whereas the 20 is acting as resistance. Price is just about over the 50. .
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.
TP 1: 1.37000
TP 2: 1.35800
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.
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Remember to always trade your stratergy... Happy Trading
INDICATORS: Moving average
ATTACHED CHART : YES