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Gbpchfsell

Is it crazy to short pound? Let's check price action!Hey guys, i know what you may think, probably after one day like this for the pound you wouldn't even consider a shorting possibility. However, patterns are always repeating, and our job, as techincal trader, is to find those patterns and keep trading them. So here on the daily timeframe on the GBPCHF you can see that the today's rally has brought price up to the completion point of the Gartley pattern and the AB=CD pattern. This level also lines up with a psychological number, and most likely after today's close we'll be in overbought condition. All the usual clues are there, the only part missing is a price action signal, that this time should be very strong; be careful when trading against the actual trend. I'm going to pay attion to 4hr and 1hr charts to find trading opportunities within as long as price is in the blue box. I'll keep you updated. If you want to share your view, or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Shorting pound is crazy? Let's check price action!Hey guys, i know what you may think, probably after one day like this for the pound you wouldn't even consider a shorting possibility. However, patterns are always repeating, and our job, as techincal trader, is to find those patterns and keep trading them. So here on the daily timeframe on the GBPCHF you can see that the today's rally has brought price up to the completion point of the Gartley pattern and the AB=CD pattern. This level also lines up with a psychological number, and most likely after today's close we'll be in overbought condition. All the usual clues are there, the only part missing is a price action signal, that this time should be very strong; be careful when trading against the actual trend. I'm going to pay attention to 4H and 1H chart in order to find a trading opportunity. I'll keep you updated. If you want to share your view, or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2
Additional confirmations on GBPCHFHi guys, today i want to bring this analysis i've made on GBPCHF. As you can see we're in a daily structure zone (blue rectangle) and price is having some difficulties breaking through. Actually it's created a nice double top with RSI divergence (down on the bottom) right at this level, that's also lining up with the 618 retracement and a psychological number (1,2600). Also, there's a Bat pattern that's just completed and it's a good confimation of the sell signal. Stops would go above X, targets as in the picture above. If you want to share your view, or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2
Lots of clues on GBPCHFHi guys, today i want to bring this analysis i've made on GBPCHF. As you can see we're in a daily structure zone (blue rectangle) and price is having some difficulties breaking through. Actually it's created a nice double top with RSI divergence (down on the bottom) right at this level, that's also lining up with the 618 retracement and a psychological number (1,2600). Also, there's a Bat pattern that's just completed and it's a good confimation of the sell signal. Stops would go above X, targets as in the picture above. If you want to share your view, or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
4
AB=CD completed right at Daily StructureHey guys, very simple trade, price has completed an AB=CD pattern on this pair, right at the most previous structure level. Also, it has created a nice long wick to the top candle that closed as engulfing, with RSI overbought condition in our support. Waiting for a little pullback in order to short the market and get at least a 1:1 RR on the first target that would be placed on the first AB=CD target (at the 382 retracement). Stops above the highest highs. Good trading! If you want to share your standpoint or ask questions, feel free to write below. Otherwise, see you in the next chart!
Short
by Roker1
Trend continuation 2618 on GBPCHFHi guys, here we have a nice 2618 on a trend continuation setup, You can see we broke to the downside the last support level (black line) and now we are retesting it. We know that when broken, support could turn into resistance. In addition price is finding some troubles at this level. We have a double top with rsi divergence that's been broken to the downside. So we have ultra confiirmation of our analysis. Now we can exploit the market using the 2618 strategy. I'm going to sell the market if and when price will reach .618 level, stops above the highest high, first target at a retest. Second target down along with structure. Let's see. If you have any question, please fill the comment section below. Otherwise, see you in the next chart!
Short
by Roker1
Nice daily level on GBPCHFHi guys, today i want to share a view similar to the GBPJPY one. As we can see above, price has been clearly in a downtrend lately. Now we are heading toward the former resistance level that could turn into support. So we've created a little blue zone, in which we are going to seek for shorting opportunities in lower timeframes. The risk to reward i put down in the chart usually correspond to my second target. I always have my first position out in 1:1 risk to reward in cases like this. I'll let you know if i'm entering the market. Hope you enjoy. Good luck!
Short
by Roker1
GBP/CHF Thrust lower from a triangle on the way? GBP/CHF looks like it is making a contracting triangle in the wave 4 position. So far I have labelled this triangle as being in the middle of making wave e which is the final wave of an Elliott Wave triangle. I will be selling on a break of 1.4660 looking for an initial target of 1.4509 (38.2% Extension of wave 1-3) The second target is 1.4317 which is the 61.8% extension of wave 1-3, Wave 3 was 2.618 of wave 1 and was therefore extended. In these situations I look for wave 5 to tend towards the size of wave 1.
Short
by AnandYRaja
1