For the trade
If GBPCHF closes as a high test bar this evening (the
formation seen in the last bar on screenshot below) off the level of resistance
which has not been broken in over a year – probability will be to the downside. The
fact that it is bouncing off the monthly R2 level (a hidden level of
resistance) is another clue to a potential move to the downside.
Against the trade
However, against the trade, we have the fact that the hourly
timeframe does not give us a lower high (we have no idea whether the shorter
term buyers/market are ‘singing from the same hymn sheet’ until we get clue
like a lower high and thus a sign that momentum up into the level is starting
to wane).
GBPCHF
This is where trading can sometimes be like two politicians arguing on a TV debate - the most convincing one may seem to the casual observer, the most resulting chain of events may be.
What do you think?
as seen on GBP/CAD before,It looks A good time to keep an eye on all time frames weekly,daily,hrly. by the your presentation of mid week market is realy interesting.keep it up.
ReplyDeletethanks
Mesfin
This comment has been removed by the author.
ReplyDeleteNow we have a doji on daily and H&S forming on hourly. But what woul be target?
ReplyDeleteI dont like the way it didnt close as a HTB to be honest mate - I would probably trade the break of the low...will set out a mailshot on Sunday
DeleteThis comment has been removed by the author.
ReplyDelete