Best Area To SHORT GBPCHF ??
SELL Idea on GBPCHF this is a trend continuation trade going with the Weekly charts.
GBPCHF has been dropping heavy as of late and looks like it is targeting weekly price zone between 1.125 -1.11 which are actually 2 weekly lows from 2020 at the beginning of COVID we had huge buying reaction here before and the way the market is dropping I suspect it will target this area.
However I don't simply want to enter the market at current price I would like it to retrace towards the 1.145 -1.153 area on the Daily charts as marked on the chart. This is the last swing high that caused a new low in the current trend so is a great area to look to sell again and offers great R/R.
I will monitor price action on the lower timframes as price approaches this area and look for evidence of momentum slowing down or wait for a 1hr or 4hr SELL signal to appear on my custom indicator or MACD. Stop loss will be placed above the 1.153 high and target zone is marked on the charts.
The market may well continue to drop and never retrace back to the area I would like to SELL which would invalidate my idea.
GBPCHF has been dropping heavy as of late and looks like it is targeting weekly price zone between 1.125 -1.11 which are actually 2 weekly lows from 2020 at the beginning of COVID we had huge buying reaction here before and the way the market is dropping I suspect it will target this area.
However I don't simply want to enter the market at current price I would like it to retrace towards the 1.145 -1.153 area on the Daily charts as marked on the chart. This is the last swing high that caused a new low in the current trend so is a great area to look to sell again and offers great R/R.
I will monitor price action on the lower timframes as price approaches this area and look for evidence of momentum slowing down or wait for a 1hr or 4hr SELL signal to appear on my custom indicator or MACD. Stop loss will be placed above the 1.153 high and target zone is marked on the charts.
The market may well continue to drop and never retrace back to the area I would like to SELL which would invalidate my idea.
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