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.
Get Your FREE Copy of The Trader's Edge – Mental Strategies for Market Success! -thetradingedge.net/the-traders-edge
Join Telegram group -t.me/+T7V_JSiKKsliMTJl
Join Telegram group -t.me/+T7V_JSiKKsliMTJl
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.