GBPCHF Analysis against 75 SMA
Updated
Let start on weekly we can see that this pair impulse is downside then it has been rejected by 75 SMA nicely , it was rejected again at the second time.
ON the daily we can see price respecting middle band of BB and double top was formed followed by move down, if we want go deep into candle formation, the top bullish was engulfed by the bear.
Looking at 4 HR chart we have the SMA again rejected the price, so I think this is great short opportunity with 70 pips risk look to gain 200 pips.
The most important is the process seems giving high probability trade for us to make decision.
ON the daily we can see price respecting middle band of BB and double top was formed followed by move down, if we want go deep into candle formation, the top bullish was engulfed by the bear.
Looking at 4 HR chart we have the SMA again rejected the price, so I think this is great short opportunity with 70 pips risk look to gain 200 pips.
The most important is the process seems giving high probability trade for us to make decision.
Note
Price move higher than I anticipated, but there is no divergent, so the safest way to enter is to let this price go down and pullback, the only supporting reason now is the level and the engulfing bearish candle
Trade closed manually
Note
The 4 HR show head and shoulder with amazing respect to SMA 75
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