Nice bearish Bat setup on the GBPCHF 4hr chart. I like to wait for a retest of the entry price for Bats (as supposed to a butterfly pattern that just collapses...) and it looks like we're getting there. Divergence on both the RSI & Stock with price...
In the big picture, this pair has broken through strong weekly support and has been trying to retest that trendline. This setup gives good R/R for both TP1 & TP2 and has the potential to go even lower.
DIsclaimer, this is not trading advice, merely my analysis based on my trading plan. Please trade your own plan etc. etc. etc.
In the big picture, this pair has broken through strong weekly support and has been trying to retest that trendline. This setup gives good R/R for both TP1 & TP2 and has the potential to go even lower.
DIsclaimer, this is not trading advice, merely my analysis based on my trading plan. Please trade your own plan etc. etc. etc.
Trade active:
Just managed to stay in the trade with a SL of 1.2911. We'll look to the PMi's Thurs & Friday to give some market direction. The GBP has been on a bit of a bullocking run and CHF will weaken with a strengthening USD. Look for the market to sell the big rallies in GBP. Lets see if the pattern is complete...
Green trades!
Green trades!
Trade closed: stop reached:
SO, a survey of 2000 ppl. in the UK managed to prop up this pair and take us out of the trade. Nice tight stop ensured minimal losses. I'll monitor the data coming out at the end of the week to see if there is an opportunity to re-enter.
All eyes now on NFP on Friday.
All eyes now on NFP on Friday.