HOW TO TRADE LIKE THEM GBPCNH (TRADE OF THE QUARTER) MONTHLY
Alright the trade of the ending year 🤷🏾♂️ Maybe not in pip target but in presentation and potential to continue yes.
First let understand this is a newly added pair to forex which means the freshness of the market is ideally a great invest opportunity if we trade like them as the initial market direction is what will be the direction for some time. So after watch this pair this is what we have
Now on saxo charts we can see how the initial candle started and we see the pair started in an straight uptrend so we have a valid hs formed as the top of this chart
From the necktie we has established resistance
1. Priced formed an upwards ranging channel that was rejected at the necktie
2. This rejection is the .5 retrace of point 3 and .6 of 4. Thus confirming higher rejection with Fibonacci
3. This rejection formed a double top
4. The second high of the top failed to reach upper channel
5. This failure is an evening star
6. Price is trading at low of channel
7. Rejection of 50ma at this low
Thus we take the measured move from the high into the channel project it out the channel with a mental target at pivot support level 4.
As the nature of the pair we are expecting price to continue bearish after this target .
Will continue on down the time frames
HOW TO TRADE LIKE THEM-
First let understand this is a newly added pair to forex which means the freshness of the market is ideally a great invest opportunity if we trade like them as the initial market direction is what will be the direction for some time. So after watch this pair this is what we have
Now on saxo charts we can see how the initial candle started and we see the pair started in an straight uptrend so we have a valid hs formed as the top of this chart
From the necktie we has established resistance
1. Priced formed an upwards ranging channel that was rejected at the necktie
2. This rejection is the .5 retrace of point 3 and .6 of 4. Thus confirming higher rejection with Fibonacci
3. This rejection formed a double top
4. The second high of the top failed to reach upper channel
5. This failure is an evening star
6. Price is trading at low of channel
7. Rejection of 50ma at this low
Thus we take the measured move from the high into the channel project it out the channel with a mental target at pivot support level 4.
As the nature of the pair we are expecting price to continue bearish after this target .
Will continue on down the time frames
HOW TO TRADE LIKE THEM-