Looking at the GBPCHF
Good Morning Dynamic Traders,
Hope your all having a good week, the bad news is that the trading week is almost over.
I have decided to have a look at the GBPCHF. My reason for this choice is some of you may be thinking of taking a short position, so I thought it might be a good idea to see what’s occurring.
In the day chart below you will see that price that price fell below the VI after a double top and has stayed below the VI struggling to climb above it again with 3 failed attempts. You can see that price has been oscillating since October.
In your own time, if you look back at price you will see that price has actually been in a downtrend for quite a while, until it briefly broke above the VI as I mentioned earlier.
After the 3rd failed attempt at beating the VI price plummeted down to a RN, where it appears to have found some resistance and is clearly struggling to break into another trend.
I personally wouldn’t suggest looking at a short entry just yet because price still isn’t too sure what to do.
However depending on what strategies you are using you might be getting a signal to enter a short trade and you should potentially be in a short trade already.
If your not already in a short trade and thinking of entering one, it might be a good idea to wait for a break below the resistance line I have marked on the chart. Once we have got our BOB we then start to work out our entry.
Carpe Diem
Richard Monnery
Hope your all having a good week, the bad news is that the trading week is almost over.
I have decided to have a look at the GBPCHF. My reason for this choice is some of you may be thinking of taking a short position, so I thought it might be a good idea to see what’s occurring.
In the day chart below you will see that price that price fell below the VI after a double top and has stayed below the VI struggling to climb above it again with 3 failed attempts. You can see that price has been oscillating since October.
In your own time, if you look back at price you will see that price has actually been in a downtrend for quite a while, until it briefly broke above the VI as I mentioned earlier.
After the 3rd failed attempt at beating the VI price plummeted down to a RN, where it appears to have found some resistance and is clearly struggling to break into another trend.
I personally wouldn’t suggest looking at a short entry just yet because price still isn’t too sure what to do.
However depending on what strategies you are using you might be getting a signal to enter a short trade and you should potentially be in a short trade already.
If your not already in a short trade and thinking of entering one, it might be a good idea to wait for a break below the resistance line I have marked on the chart. Once we have got our BOB we then start to work out our entry.
Carpe Diem
Richard Monnery
Labels: GBPCHF
posted by Richard Monnery @ 07:18
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