Take profit: 1.2890
Protective stop: 1.2377
Risk Ratio (RR): 1: 2.3 (approx.)
Estimated duration: 16 days
Relevant as long as GBPCHF is below 1.2605
Note: Some risk are taken with the entry as discussed in the weekly update The potential drawdown is a re-test of 1.2398.
We remind that this is a weekly entry, some drawdown cannot be prevented entirely. The price spiked higher prior to issuing the trade, which is disappointing but we are still opting for the entry despite some drawdown.
We will issue another update.
The potential retracement is a re-test of 1.2600. We may have the ability to re-enter upon a daily close above the neckline but it greatly depends on the market. We cannot enter at any breakout.
It is a fairly difficult decision but we decided to close GBPCHF long trade at market price (1.2695).