GBP CHF broke the trend line resistance and market is back at to retest that broken zone.
market is gaining bearish momentum and going down to those mention areas below
look for bearish confirmation and enter sell with your own money management
Patience is the key
This pair has found it difficult to overcome the resistance zone located between 1.2220 and 1.2140 since March 2020 and it is stalling here again. Since that time, we have a range and I expect price to start moving down again soon, even though GBP is strong ATM.
I used the H8 chart (not shown) to locate my entry at 1.21400, if indeed price moves down. I am using...
Plan: wait for the price to bounce off from trendline or resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL
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On the 4H chart we possibly can receive a Head & Shoulders pattern as confirmation.
We want to see very corrective nature approaching our zone of interest or clear deceleration before considering a trade.
Our zone of interest would be the 78.60 Fib.
Clear Supply & Demand zone sitting around that region also.
As i have mentioned before this would be a 0,5% trade as...
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🟢 Forex Pair :
⚪ Technical Analysis :
In the weekly time frame, since March 2020, the price has been following a clear side trend,...
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Since June 2020, the price has been following a huge descending channel (switch on the daily perspective to get a better view), the price got many rejections...
GBPCHF BEARISH GARTLEY PATTERN
Market Sell Order Set Up.
Sell Entry: (1.21129)
Take-Profit 1: (1.20486)
Take-Profit 2: (1.19978)
Max Risk-Reward: (2.30)
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The pair is trading near a key and important resistance zone from where it has never been pulled back, selling from the current or from the 1.1213-1.2102 zone, then lowering the pair to the local level in the 1.2061 area, then the 1-2102 rest zone and further fall...