GBPCHF has approached a level that we have been waiting for. Everything is lining up for a really nice long term swing position to push it up more than a 1000pips.
We have the 50 fib, major trendline support, descending correction support.
Watch for a clear bounce and then enter with stops below the major trendline.
First target (channel resistance):...
List of Reasons for potential pull back/mean reversion:
1: The market is over extended and has been moving bearish for almost 3 weeks straight with no pull back. This is more visible on the weekly chart than on the daily chart.
2: The trendline on the daily chart was broken with no retest.
3: Month Support level was broken with no retest around the 1.25***...
The first equal high wipe wasn't significant enough to cause further collapses so the price has gone for the liquidity again.
Now that this is out of the way may see the next leg down.
Are you feeling more bearish pressure on this pair? Let me know in the comment section.
Very very small risk here, but I've taken a buy here based on the candle pushing past previous resistance and should it close above the wicks to the left I will be happy to hold.
Risk management important as always, watch out for any curveballs thrown and take it easy. It is a FRIDAY and they are always unpredictable.
last day's price was strongly moving up and already touching the strong daily resistance area, there's no break the resistance and I assume it will bounce back and broke the uptrend structure, for the uptrend maybe the price will strongly break the resistance area. remember always waiting for breakout + retest + confirmation + money management + psychology. GOOD LUCK
Hello Friends, As we can see price is moving inside parallel Ascending channel . Approaching on strong Channel support area . I am Expecting once again long opportunity but we need to see some confirmations. On lower time frame I will Wait for bullish price actions as well as counter line breakout.
This is one of the most controversial pairs in the market in terms of the BTMM. I am saying this because it never even moved a level for us to get a reversal entry. if look from Monday, it has been resetting since then. We are only looking at getting a return move to the last week's low for us to go long
GBPCHF has been trading in a tight range but its price action makes Elliott Wave sense.
After a strong impulse decline in wave A, a three-wave correction is expected before the bearish continuation.
This correction seems to be taking the shape of the Elliott Wave 3-3-5 expanded flat correction pattern. Price made a three-wave rally in the circled...
🔴 GBPCHF Looking for sideway
Now GBPCHF prices in TF H4 have a sideway so the easiest trade is to follow this pattern.
Open Sell when price hits resistance and PA Bearlish occurs and open Buy when price hits support.
🚩🚩 Stoploss should be above the support or resistance as the pattern formed.
find more forex & crypto weekly forcast on my youtube channel...
Welcome to our weekly trade setup ( GBPCHF )!
Market closed above main sr level.
Expecting further pressure to the upside.
Overall bullish turning market structure.
ENTRY LEVEL @ 1.27740
SL @ 1.27220
TP @ 1.28400
Max Risk: 0.5% - 1%!
(Remember to add a few pips to all levels - different Brokers!)
Leave us a...
The pair has succeeded to break the range pattern to the upside with a big bullish candlestick. This shows that the buyers won the fight over the sellers, and they are about to push the price to the upside. A lower correction could be seen before the...