GBPCHF could fall towards an overlap support and continue the downtrend, reversing to our take profit level.
Sell entry is at 1.09333 which is an overlap support level.
Stop loss is at 1.09998 which is an overlap resistance level.
Take profit is at 1.08063 which is a swing-low support that aligns with the 61.8% Fibonacci retracement level.
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Hello emily, thanks for the video but i got few questions to ask you. why did you put your take profit level below and not at the top? secondly does the sell entry means your buy level?. i really do not understand properly
kdagadu
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hello emily, am back once again, i want to ask why is you stop loss at the top and not below and why is your take profit not at the top but below bcos the price is definitely coming down
elijahyeboah28
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@kdagadu because its a downtrend market… if you would check the chart from the monthly spec you would see that GBPCHF is in a deep down trend… so in such market our Take profit is always retrieved at the button while our stop loss at the top… so her entry was accurate
Thank you Emily for sharing your approach. This publication has been chosen for the Editor's Picks and will be featured on the Home Page as well as tradingview.com/ideas/editors-picks/.
Thank you for your valuable contribution to the TradingView community and keep up the good work!
DemoDiaryFX_Trading
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@zAngus, hi zAngus, I'm don't want to be very negative, but when I see absolutely ordinary ideas like these on Editors Pick, it makes me wonder why they are chosen?
zAngus
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@DemoDiaryFX_Trading, all feedback is welcome. We try and pick a wide variety of ideas representing different approaches to trading. I picked this one because it is always interesting to see how brokers who sit across hundreds of clients approach their own internal trading. We have a wide variety of users with different levels of expertise and sometimes simple ideas can benefit new users the most. The idea combines support and resistance, entries, take profits and stop losses, as well as confirmation of areas using a secondary indicator in this case, Fibonacci levels. All clearly communicated. Often there is elegance in simplicity. 3000 views and 100+ boosts so has resonated with someone :)
osteoman
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Additional confluences are supporting GBP weakness across the currency board. GN on my radar to short within 2 weeks or less