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British Pound / Swiss Franc

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GBPCHF trade ideas

Don't miss this Sell trading opportunity of GBPCHF!Midterm forecast: While the price is below the resistance 1.2200, resumption of downtrend is expected. We make sure when the support at 1.1670 breaks. If the resistance at 1.2200 is broken, the short-term forecast -resumption of downtrend- will be invalid. Technical analysis: A peak is formed in daily chart at 1.2115 on 05/05/2020, so more losses minimum to Major Support (1.1670) is expected. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains. Relative strength index (RSI) is 36. Trading suggestion: There is possibility of temporary retracement to suggested Sell Zone (1.22 to 1.214). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone. We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets. Beginning of entry zone (1.22) Ending of entry zone (1.214) Entry signal: Signal to enter the market occurs when the price comes to " Sell zone " then forms one of the reversal patterns, whether " Shooting Star " or " Peak ", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and special version of our " Price Action " strategy FOLLOW our lessons: Trade Setup: We opened 6 SELL trade(s) @ 1.1996 (day close price) based on 'Peak' at 2020.05.11. Total Profit: 1022 pip Closed trade(s): 162 pip Profit Open trade(s): 860 pip Profit Closed Profit: TP1 @ 1.1960 touched at 2020.05.12 with 36 pip Profit. TP2 @ 1.1870 touched at 2020.05.13 with 126 pip Profit. 36 + 126 = 162 pip Open Profit: Profit for one trade is 1.1996(open price) - 1.1781(current price) = 215 pip 4 trade(s) still open, therefore total profit for open trade(s) is 215 x 4 = 860 pip All SLs moved to Break-even point. Take Profit: TP3= @ 1.1670 TP4= @ 1.1470 TP5= @ 1.1100 TP6= Free
Short
by ForecastCity_EU
16
Don't miss the great sell opportunity in GBPCHFTrading suggestion: . There is still a possibility of temporary retracement to suggested resistance line (1.209). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . GBPCHF is in a range bound and the beginning of downtrend is expected. . The price is below the 21-Day WEMA which acts as a dynamic resistance. . The RSI is at 46. Take Profits: TP1= @ 1.1870 TP2= @ 1.1675 TP3= @ 1.1250 SL: Break Above R2
Short
by ForecastCity_EU
8
Don't miss the great sell opportunity in GBPCHFTrading suggestion: . There is still a possibility of temporary retracement to suggested resistance line (1.2128). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . GBPCHF is in a range bound and the beginning of downtrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support. . The RSI is at 40. Take Profits: TP1= @ 1.2017 TP2= @ 1.1893 TP3= @ 1.1715 SL: Break Above R2
Short
by ForecastCity_EU
5
GBPCHF - To Revisit the 2020 low?Haven't published publicly for a while! Quick short idea on GBPCHF. Initially looking from a weekly perspective, I have made a top down analysis, focusing on the H1 timeframe for a potential entry this coming week. As illustrated the August '19 low is proving to be a key zone of support, turned resistance and again support at around 1.16750. The 2020 wick low is the lowest price of all time on this pair and should price manage to break the highlighted zone we may see a further bearish push to the downside to revisit, and sustain, a potential closure around the current low. I will be setting an alert on this pair to inform me if/when price reaches the 1.16750 area, I can then monitor PA for opening potential shorts. Huge 500+ pip potential move!
Short
by MMQ_FX