GBPCHF Counter Trend Short

Jul 22, 2014

We have been in a strong uptrend for a while now however I believe we have entered a zone of weakness to momentum. We had an old supply zone at 1.53432 which we capitalised on and the next one is at 1.5545 area which has halted our strong upward movement. We are currently slowing at a double top and so I believe we should see a retracement. I've set TP just above where our last supply zone was as it should now act as a decent support line. Stop has gone above last swing high as if price goes above this then our thought process is invalid anyway. Just over 1:2 risk:reward ratio.