GBPCHF - 1H CHART ANALYSIS
Hi everyone,
Hope your well.
Please see my GBPCHF analysis attached for a potential sell entry.
When trading the key is to look for confluence in the market to give us signs of which direction the market is going to move after placing a trade, below please see my breakdown:
- Firstly we have price trading at a daily key level in which there has been lots of indecision at this level previously and as we can see it has rejected this level.
- Secondly we have a bearish engulfing forming on the 1H chart giving us a potential sell signal
- Thirdly price is trading at and has rejected the 50 Fib level which shows price is also potentially moving to the downside
- Lastly we have price respecting the trend line which has been respected from price 3 times previously
Taking all this into account there is confluence there to explain the reasons for a sell opportunity.
Thanks guys
Hope your well.
Please see my GBPCHF analysis attached for a potential sell entry.
When trading the key is to look for confluence in the market to give us signs of which direction the market is going to move after placing a trade, below please see my breakdown:
- Firstly we have price trading at a daily key level in which there has been lots of indecision at this level previously and as we can see it has rejected this level.
- Secondly we have a bearish engulfing forming on the 1H chart giving us a potential sell signal
- Thirdly price is trading at and has rejected the 50 Fib level which shows price is also potentially moving to the downside
- Lastly we have price respecting the trend line which has been respected from price 3 times previously
Taking all this into account there is confluence there to explain the reasons for a sell opportunity.
Thanks guys
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.