Description: As shown above we have FX:GBPCHF . Currently we are , we have been in a
downtrend/Bearish channel since Mid December. As it is clear cut which position we should be taking we would now need a valid
setup.As shown above there is a possibility price may retrace to the between the 0.236/0.50 Fib from previous swing high
located at Monthly Resistance .If price reaches those levels we would then wait as that would be a breakout below the descending
triangle and previous Fib extension trend expiry level 1.618 HILIGHTED IN GREY.
Using these indicator/s: [200 ,50 EMA] On the 4hr both EMA's are heading South. Also acting as magnetic Resistance.
Duration: Long Term
Decision: I will SHORT this pair off the retracement or sudden break below GREY 1.618/ , Price should hold below Monthly
Resistance 1.37200 for a great Short Trade. :)
TP 1: 1.32100
TP 2: 1.31000
SL: 1.35400 - 1.35700
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading
INDICATORS: Moving average
ATTACHED CHART : YES