GBPCHF has been bearish on the daily chart. The price has been heading towards the South with good bearish pressure. Yesterday’s daily candle came out as a bearish Marubozu candle. The H4 chart shows that the price has been on consolidation. If the chart makes a breakout at consolidation support, the sellers may find an opportunity to go short and grab some green pips.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that the price had a bounce at the level of 1.22002. It has been on consolidation within two levels. The level of 1.22002 has been working as the level of support and the level of 1.22500 has been working as a level of resistance. If the price produces a bearish reversal candle at the resistance, the sellers may trigger a short entry below the level of 1.22002. Let us have a look at the summary of the trade…
- Sell Limit: 1.23014
- Stop Loss: 1.23981
- Take Profit: 1.21908
The level of 1.22002 is a daily level of support. The price may make a pause and consolidate around the level. Thus, the sellers may take out the whole trade once it hits the take profit. There is another level nearby, which may work as a level of support as well. Thus, the pair may even make a daily reversal at that level. Usually, partial profit taking is a good way to manage a trade. However, in this trade setup, the sellers may not consider taking a partial profit. Let us now wait and see what happens.
We wish you good luck and good profit for this trade idea. For more trade ideas, join the Price Action Society…
If you like our analysis and would like to receive 3 to 7 trade ideas per day, then
Click here to learn more about the Price Action Society.
Claim Your $60 No Deposit Bonus Here
All you need is to have your live account verified!
Of course, you need to open a live account...
2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!
We use both of these brokers and proudly promote them!
NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.Other Analysis Today