GBPCHF trade ideas
GBPCHF long buyGBPCHF long buy. Target 1.3860
I will still looking for long opportunities for buy trade. this market was created falling wedge pattern and break the trend line.
💡Don't miss the great sell opportunity in GBPCHFTrading suggestion:
". There is still a possibility of temporary retracement to suggested resistance line (1.30000).
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 29.
Take Profits:
TP1= @ 1.29640
TP2= @ 1.29070
TP3= @ 1.28500
TP4= @ 1.27900
TP5= @ 1.27000
TP6= @ 1.25700
SL: Break Above R2
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💡Don't miss the great sell opportunity in GBPCHFTrading suggestion:
". There is still a possibility of temporary retracement to suggested resistance line (1.2863).
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 35.
Take Profits:
TP1= @ 1.2781
TP2= @ 1.2755
TP3= @ 1.2698
TP4= @ 1.2631
TP5= @ 1.2533
SL: Break Above R2
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update to the early gpb chfas we can see the market was in a range bound zone now it has given a breakout and is testing the next resistance if it holds the level then i will go long my sl will be 21 day moving avg if it did not sustain it i will wait till the price reaches to 1.22030 and i see a bullish candle pattern i will go long till the next resistance level
not a trade rsi stochastic vwap are indicating sell but as we can se the price is on uptrend and even if we short it on monday it will face a strong support at 21 day moving avg i m a bit confused shall i shot it or wait for the price to reach at the bottom of the channel and buy it?
💡Don't miss the great sell opportunity in GBPCHFTrading suggestion:
". There is still a possibility of temporary retracement to suggested resistance line (1.21360).
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 41.
Take Profits:
TP1= @ 1.20530
TP2= @ 1.19840
TP3= @ 1.19180
TP4= @ 1.18110
TP5= @ 1.16850
SL: Break Above R2
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📚 Learn More 💰 Earn More with us: Range-Bound Market📚 LEARN MORE
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What is a Range-Bound Market?
A range-bound market is one in which price bounces between a specific high price and a low price.
The high price acts as a major resistance level in which price can’t seem to breakthrough.
Likewise, the low price acts as a major support level in which price can’t seem to break as well.
The market movement could be classified as horizontal, ranging , or sideways.
A range-bound market is the opposite of a trending market.
In a range-bound market, there is no clear direction.
How to trade Range-Bound Market?
1- Trading Major Support and Resistance:
Traders capitalize on range-bound trading by repeatedly buying at the major support level and selling at the major resistance level until the security breaks out from a price channel.
The idea is that the price is more likely to rebound from these levels than break through them, which puts the risk-to-reward ratio in their favor, although it's important to always watch for a potential breakout .
Technical indicators, such as the relative strength index (RSI), can be used to confirm overbought and oversold conditions when price oscillates within a trading range.
For example , a trader could enter a long position when the price is trading at major support and the RSI gives an oversold reading below 30. Alternatively, the trader may decide to open a short position when the RSI moves into overbought territory above 70.
Most traders place stop-loss points just below the major support level and above the major resistance level to mitigate the risk of heavy losses from a high volume breakout.
2- Trading Breakouts:
Traders can enter in the direction of a breakout from a trading range. To confirm the move is valid, traders should use other indicators, such as volume and price action .
For instance, there should be a significant increase in volume on the initial breakout , as well as several closes outside the trading range. Instead of chasing the price, traders may want to wait for a retracement before entering a trade.
For example , a buy limit order could be placed just above the top of the trading range, which now acts as a support level.
A stop-loss order could sit at the opposite side of the trading range to protect against a failed breakout.
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