Possible Short Term LONG on GBPCHF
BUY trade idea on GBPCHF I have also posted a SELL idea on another thread.
GBPCHF has been grinding down for a while now extremely oversold again yesterday it popped a new low below 1.13 which was last week's low and the retracing sharply back up towards 1.135. Price seems to be forming a bit of a support around 1.13 though zooming out to the weekly charts we can see a Weekly low/support from 2020 @ 1.125 so I suspect the market will try and test this.
My idea for today is to look for a BUY signal using either my custom indictor or a MACD divergence signal on 15min or 30min chart as price approaches and goes below the 1.13 mark I have marked my trigger zone on the chart.
I will want to put my stop loss down below the 2020 weekly low/support @ 1.121.
Profit target will be between 1.145 - 1.15 using a trailing stop as the trade progresses.
Breakeven target will be 30 - 40 pips closing 50% of the position and moving the stop to entry price.
If no signal occurs on my indicator or on the MACD I will not enter this trade and a clean break and close below the 1.125 level will invalidate my idea.
GBPCHF has been grinding down for a while now extremely oversold again yesterday it popped a new low below 1.13 which was last week's low and the retracing sharply back up towards 1.135. Price seems to be forming a bit of a support around 1.13 though zooming out to the weekly charts we can see a Weekly low/support from 2020 @ 1.125 so I suspect the market will try and test this.
My idea for today is to look for a BUY signal using either my custom indictor or a MACD divergence signal on 15min or 30min chart as price approaches and goes below the 1.13 mark I have marked my trigger zone on the chart.
I will want to put my stop loss down below the 2020 weekly low/support @ 1.121.
Profit target will be between 1.145 - 1.15 using a trailing stop as the trade progresses.
Breakeven target will be 30 - 40 pips closing 50% of the position and moving the stop to entry price.
If no signal occurs on my indicator or on the MACD I will not enter this trade and a clean break and close below the 1.125 level will invalidate my idea.
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