GBPCHF has been in a bearish trend dropping from 1.4605 to a low at 1.3863. Looking at the 4hr chart, we can see an opportunity to long a counter trend for this pair. We spot a bullish divergence on the 4hr chart. Plus there is candlestick pattern called morning star at the recent low that could signal a short term bottom. There is a downtrend line that once price breaks out, it will go up to at least 1.42000.
So here is the plan:
- Buy stop @1.4000
- Take profit @1.4200
After trade is active, I will post a stop loss level.
Stay Tuned.
So here is the plan:
- Buy stop @1.4000
- Take profit @1.4200
After trade is active, I will post a stop loss level.
Stay Tuned.
Trade active:
There is a gravestone doji candlestick on the 2hr frame chart with very long tail. This shows buyers at support level. Also the price is trading above the downtrend line so it looks like a break out. I'm going to open 1 contract long GBPCHF at market price 1.3930 with stop loss @1.3870. Take profit @1.4200.
If price reaches 1.4000 I will add more long positions as planned.
Stay Tuned.
There is a gravestone doji candlestick on the 2hr frame chart with very long tail. This shows buyers at support level. Also the price is trading above the downtrend line so it looks like a break out. I'm going to open 1 contract long GBPCHF at market price 1.3930 with stop loss @1.3870. Take profit @1.4200.
If price reaches 1.4000 I will add more long positions as planned.
Stay Tuned.
Trade closed: stop reached:
Price made lower low. Stop reached.