CHF to Weaken? - GBP/CHF Ichimoku Long Trade
This pair finally broke above a resistance level we've had our eye on in the membership.
Ideally we would get a drawback all the way back down to the top of that zone to act as support.
If it holds then we would look to get long which is how I drew it out on the chart.
While we could take a buy on a break up above our current candle wick high the risk to reward would be pretty low so I'll probably avoid taking that trade.
If we fail to get the drawback and support to hold, or if our bullish confirmations change, this setup may become invalidated.
Ideally we would get a drawback all the way back down to the top of that zone to act as support.
If it holds then we would look to get long which is how I drew it out on the chart.
While we could take a buy on a break up above our current candle wick high the risk to reward would be pretty low so I'll probably avoid taking that trade.
If we fail to get the drawback and support to hold, or if our bullish confirmations change, this setup may become invalidated.