GBPCHF longer term - Fib retracement then strong Bullish leg.

I think that GBPCHF might continue to the upside a bit before hitting a bit of the Aug resistance level and bouncing off to retrace the recent large upside breakout from the triangle pattern it had been in for a few days.
I feel that the pair may find support at one of the fib levels before continuing and reaching the highs of early AUG again.

Watch out for the fundamentals to confirm this and if we do indeed hit the more recent AUG level you may want to adjust the fib retracement.
While we have been trading below the 200 SMA indicating a downtrend we did also break out of the ascending triangle pattern.

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RSI is showing pretty overbought so it might be that the pair instead does a bit of a shorter retracement or retraces a bit earlier.

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ERROR: Short trade should be short to 1.19407!!!

Sorry I only just saw that I had not set that

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Shorting now!

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Closed out the first short and just bought.

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I can't edit the chart but if I could then I would just shorten all the time frames on everything as I did not expect it to drop that fast, targets are all the same though!

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SL Moved tighter on buy to 1.19252

You don't have to but for me, it reduces the risk a bit, I would move to break even now but I want to see a few more candles first to confirm that there is not some sort of mini retracement coming our way!

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SL moved to break even and expect a retracement pattern to follow every 5 or so candles.

Once we reach 1.20951 I would recommend re-drawing the fib retracement levels on your charts to help sell the mini price setbacks that will likely occur!

تعليق:

Crossed above the 200 SMA for a potential uptrend and we are in a channel, don't worry about the big drop on the rightsholder of the Head and shoulders pattern!

تم إغلاق الصفقة يدويًا:

Closed out BTW as I am uncertain on future direction right now!