Fxprotrader
Long

GBPCHF: Price At A Level Where We Look For Buy Setup

FX:GBPCHF   British Pound/Swiss Franc
599 20 25
Price has retraced into a corrective structure, and is now testing the lower parallel of an upslope median line . It's consolidating at that level where we should watch for a buy setup based on our strategy. A good level to aim for tp is the lower quartile of the median line set. If your strategy indicates something else, follow its rules :)

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Hey Mate...Just wondering if this is still valid? Can we Take a Long Position from here as the price moved to a very low level area?
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Fxprotrader 4XHunter
No, price broke below that buy zone, so we don't need to chase it.. There was no buy setup completion in that zone and we didn't get involved.. We move on :)
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Is this trade active Sir? thanks
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Price is at the buy level.. But we need a setup.. In my book i have no setup yet..
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Dguaman Fxprotrader
Sir, what you mean with a "setup" ... SL /TP plan? or a signal that show that is a Buy?
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A setup is a set of conditions which indicates what you are waiting for.. For expamle when you have analyzed that a market is about to go up, and your setups are candlestick formations, a bullish pinbar is what will make you go long. If let's say your setups are harmonics you should wait for a bullish gartley or cypher etc to complete. Remember that a setup has specific rules you need to follow..
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Dguaman Fxprotrader
Ok in this case the price just is at the buy level, but isnt in a buy condition yet? that is?...
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Dguaman Dguaman
Could be a triple bottom a buy setup?
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Yes a triple bottom is a good setup, if you know how to trade it.. I mean where to place stoploss, and when to enter..
+1 Reply
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