Structure trade with a nice RR profile
The GBPCHF is about to hit a weekly resistance zone and we might see a reversal happening soon. Furthermore, this reversal zone happens to line up perfectly with the 141.4% fibonacci level of recent structure.
Stops go under the 127.1% ext of the A-B move, and the first target is a retest of the previous high. This gives us a nice risk profile of about 5:1.
I'm going to enter this trade if we get an RSI reading of 20.
HEADS UP!
Major news events in 4 hours might affect the GBP.
Stops go under the 127.1% ext of the A-B move, and the first target is a retest of the previous high. This gives us a nice risk profile of about 5:1.
I'm going to enter this trade if we get an RSI reading of 20.
HEADS UP!
Major news events in 4 hours might affect the GBP.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.