GBPCHF potential bounce!
GBPCHF expected to reverse up to 1st support at 1.27094 where it could potentially react and bounce to its resistance at 1st resistance at 1.27578.
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Gbpchftradingsetup
GBPCHF approaching support, potential for a bounce!
GBPCHF is expected to drop to 1st support at 1.29025 where it could potentially react off and up to 1st resistance at 1.29981.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
GBPCHF is set for a drop.Hi traders,
I hope you're well. As you must have witnessed recent rally on all GBP related pairs purely due to election sentiments. As things stands we can see the Tories are set for a majority but it is not easy as it seems and neither a plain sailing. We should see labour closing gaps and few other hiccups in coming days prior election and probably a hung parliament. Tories majority is almost priced in and hence any negative sentiment will cause significant drops in price. UK politics is well known for it's drama and chaos thanks to lates brexit limbo.
I'm anticipating more drama's in coming days and the market bias should change accordingly. (In Theory)
But I will surely not place trade based on theory and assumptions. So, here we have a nice reversing candle printed on the 4h candle also on the D chart which engulfs the previous and we are also in a major level where historically price reacts. All these suggest a reversal from this point and if you put those theories alongside the technical indicators it adds up perfectly for this trade.
I have gone short on this for now and marked tp and sl for you as well.
Let me know your thoughts.
Trade safe and good luck.
FOLLOW ME: GBP/CHF SHORT OpportunityGBP/CHF is currently at the top of a bullish channel and it appears that it's time to short (at least in the short-term) or at the very least it's time to exit longs and wait for re-entry.
Check out my other GBP posts that should be up within the next few minutes. They are showing the same thing!
COLOR KEY (which time frame each markup is based on):
RED - Monthly
ORANGE - Weeky
GREEN - Daily
AQUA BLUE - 4H
PINK - 1HLIGHT BLUE - 15M
PURPLE - 5M
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GBPCHF Multi Harmonic Pattern Analysis and Strategy We are currently shorting the pair and the strategy is to trade the 4th leg of Gartley pattern (yellow). We are also predicting a correction and that price will continue to fall to complete the 4th leg of the butterfly pattern (blue). This strategy is valid only if the yellow zone at the top is not broken. FX:GBPCHF
GBPCHF - 150 PIPS + OPPORTUNITYDo not open any trades yet, wait for second high test. I personally have already opened a trade when it did it's high test before the last candle drop. Will keep it open or close it as the market gives more data as to which direction it wants to take.
GBPCHF has broken under the 4H 50 EMA and is failing to recover back on top. Following the drop, prices did a high test (weren't able to push for a move higher up). Thus, confirming it can't move back up.
We can expect a drop of 150 pips + after another high test happens shortly (Green candle with tick only on top of body and preferably no tick under the body) on the 4H chart.
Trade safe.
GBPCHF Short OpportunityGBPCHF 4H & 1H time frame has a good amount of confluences between indicators and price, showing bearish divergence. We are at a pretty nice area of interest where previous price action has bounced off this resistance level of 1.31000 - 1.31700. 1.31000 - 1.31500 price level is an ideal area to short this pair to previous resistance turned support, which is around 1.28250. Be on the look out for a rejection or a reversal candle preferably on the 4H chart around these area for one last confirmation to enter this trade as I believe we may still be on the 5th wave of the Elliot wave theory.
Confluences: MACD, RSI & Stochastic are all showing bearish divergence on 1H & 4h TF with Daily TF currently overbought on Stoch & RSI and possible double top or double top incoming.