FullTimeTrader
Short

GBPCHF-rejecting from a strong resistance area

FX:GBPCHF   British Pound/Swiss Franc
845 6 25
After a stron rally this pair is finding resistance at a key level.
I expect a pullback and the the rally to continue.

Reason:

- strong long term S/R
- trendline resistance
- round level 1.55000
- 0.61 fib extension of last ABC             structure
- bearish divergence on stochastics
- RSI trendeline broken

SL and targets on chart

Best regards

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis and plan before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).



Comment: first target hit, moving SL to BE
Trade closed: target reached: second target hit
Nice Job! Maybe it will fall to 1260!
Reply
Hello, i expect also a further decline. I will wail for a close below 1.500 and look for another setup there. Right now this trade is closed.
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In long term it will go lower... you may see a potential shark there but i will only sell it either at the break out or if when it goes up higher and forming other shape because is too risky to enter now since it already so near to the trend line. great job.
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Hello, lets wait for more price action and i will look for setups later. Regards.
Reply
BLKS FullTimeTrader
ya if it continue rise then i assume a bat pattern could be form... lets wait and be patience. =)
Reply
on this trade .. thank you for great work
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