GBPCHF on the 4h chart is currently testing the 0.618 Fibonacci level.
The price after the attempt to break above the daily resistance created a false breakout started a retracement move in a falling wedge pattern.
How can we approach this scenario?
I will wait for the European market open and, in the case that the market will break above the resistance at the 1.22900 area, we will set a nice long order according to the Plancton's strategy rules.
--––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
The price after the attempt to break above the daily resistance created a false breakout started a retracement move in a falling wedge pattern.
How can we approach this scenario?
I will wait for the European market open and, in the case that the market will break above the resistance at the 1.22900 area, we will set a nice long order according to the Plancton's strategy rules.
--––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Comment:
after a deeper retracement at the 0.786 Fib level the price is following what I expect
