GBPCHF
Price has been in a W-uptrend quite some time now.
It recently respected W S&R and started a new daily uptrend (last couple of weeks). A few days ago we broke a triple tapped daily trendline.
The Trade:
Following our earlier projection, we now have a nice confirmation candle*, closing higher then the previous bear candle. This is an ideal spot to take the trade with a slight retracement. Our TP is projected at some very strong S&R, optionally u can opt 50% out at the pink line, which is less strong resistance. TP'ing higher probably isn't very profitable because a retrace from the blue line is most probable.
*Note that with confirmation, the move is just a lot more probable. It's never a 100% certainty. I'll follow up price action during my trade also, and evaluate if it supports or hints for resisting the move.
Update 28/04: Price is using 1.4923x line to come back down again. I'm looking for respects on previous S&R (the line at 1.4812x adjusted a bit to 1.4782x). Also I'm keeping an eye on our upwards trendline. Trade still looks valid, this week we'll know to run with smallish profit, or stay in and go for our TP.
Price has been in a W-uptrend quite some time now.
It recently respected W S&R and started a new daily uptrend (last couple of weeks). A few days ago we broke a triple tapped daily trendline.
The Trade:
Following our earlier projection, we now have a nice confirmation candle*, closing higher then the previous bear candle. This is an ideal spot to take the trade with a slight retracement. Our TP is projected at some very strong S&R, optionally u can opt 50% out at the pink line, which is less strong resistance. TP'ing higher probably isn't very profitable because a retrace from the blue line is most probable.
*Note that with confirmation, the move is just a lot more probable. It's never a 100% certainty. I'll follow up price action during my trade also, and evaluate if it supports or hints for resisting the move.
Update 28/04: Price is using 1.4923x line to come back down again. I'm looking for respects on previous S&R (the line at 1.4812x adjusted a bit to 1.4782x). Also I'm keeping an eye on our upwards trendline. Trade still looks valid, this week we'll know to run with smallish profit, or stay in and go for our TP.
