GBPCHF bridge is falling down
Nice Head & Should formation identified.
The white box indicate this pair is in consolidation mode since Sept 2016. It breaks out in Sept this year, failed and recently in October again. From chart pattern, it appears unsuccessful as well.
The final straw that will break the camel's back would be the breakdown from the channel line. If that happens, this bridge would start falling down. Notice the last 3 candles were red and there was a pin bar formed as well. We have seen such charts before, hopeful for a sell down only to get disappointed when it reverse.
Premature selling and hoping the chart would move in your favour is trying to dictate how the market should move when in fact, as traders (imo), we must follow what the chart pattern is telling us. Let it breakout of the channel line, no need to worry about the selldown opportunity. If it is genuine and not a false breakdown, there would be pullbacks (again, not guarantee), then goto a lower time frame and sell accordingly. We are waiting patiently for now ...............
All the best
The white box indicate this pair is in consolidation mode since Sept 2016. It breaks out in Sept this year, failed and recently in October again. From chart pattern, it appears unsuccessful as well.
The final straw that will break the camel's back would be the breakdown from the channel line. If that happens, this bridge would start falling down. Notice the last 3 candles were red and there was a pin bar formed as well. We have seen such charts before, hopeful for a sell down only to get disappointed when it reverse.
Premature selling and hoping the chart would move in your favour is trying to dictate how the market should move when in fact, as traders (imo), we must follow what the chart pattern is telling us. Let it breakout of the channel line, no need to worry about the selldown opportunity. If it is genuine and not a false breakdown, there would be pullbacks (again, not guarantee), then goto a lower time frame and sell accordingly. We are waiting patiently for now ...............
All the best
Note
ah....we didn't get con this time as we didn't sell early. But neither did we buy as we are on the sideline watching. Each opportunity that you take and you reduce the chance of a potential loss, the better you become. It shows your ability to delay gratification and also improve your patience. This takes time so no rush.......
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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.