GBPCHF SS Potential Type 2 Short Trade
This is half Trade Analysis and Half Educational :
Interesting Action on the GBP pairs today. GBP has been strong for 4 days now, which we have to respect. However all the pairs are showing signs of topping out. Unfortunately, they have not set-up potential Homerun trades (where we can trade the top). Currently, all the pairs, except GBPCHF and GBPUSD, are above their Daily Kejun Sen. All of the pairs are above their 60 min KS and clouds, and all are below their 15 min KS, but above their clouds.
Because of the topping price action, I won't take a long but have to respect that price can go up. The best short, imho, is GBPCHF, which is below it's Daily KS, and has a flat cloud on the 60. If it closes below the 60 KS at 1.88771, it could potentially resume it's downtrend. That said, here are the trade parameters:
Entry = CLOSE below 1.1875
Stop = ??
Risk = 25 pips
1st Profit target = 1.17480
Reward = 127
RRR = 5-1
Interesting Action on the GBP pairs today. GBP has been strong for 4 days now, which we have to respect. However all the pairs are showing signs of topping out. Unfortunately, they have not set-up potential Homerun trades (where we can trade the top). Currently, all the pairs, except GBPCHF and GBPUSD, are above their Daily Kejun Sen. All of the pairs are above their 60 min KS and clouds, and all are below their 15 min KS, but above their clouds.
Because of the topping price action, I won't take a long but have to respect that price can go up. The best short, imho, is GBPCHF, which is below it's Daily KS, and has a flat cloud on the 60. If it closes below the 60 KS at 1.88771, it could potentially resume it's downtrend. That said, here are the trade parameters:
Entry = CLOSE below 1.1875
Stop = ??
Risk = 25 pips
1st Profit target = 1.17480
Reward = 127
RRR = 5-1
Comment:
Need a close below 1.1875 on the 15 min TF
Order cancelled:
Although we came close to being triggered the 60 KS held (and that is why we needed a CLOSE a couple of pips below it.0 the sentiment is now mixed. Accordingly this trade is cancelled.