Hi everyone,
Hope your well.
Please see my GBPCHF analysis attached for a potential sell entry.
When trading the key is to look for confluence in the market to give us signs of which direction the market is going to move after placing a trade, below please see my breakdown:
- Firstly we have price trading at a daily key level in which there has been lots of indecision at this level previously and as we can see it has rejected this level.
- Secondly we have a bearish engulfing forming on the 1H chart giving us a potential sell signal
- Thirdly price is trading at and has rejected the 50 Fib level which shows price is also potentially moving to the downside
- Lastly we have price respecting the trend line which has been respected from price 3 times previously
Taking all this into account there is confluence there to explain the reasons for a sell opportunity.
Thanks guys
Hope your well.
Please see my GBPCHF analysis attached for a potential sell entry.
When trading the key is to look for confluence in the market to give us signs of which direction the market is going to move after placing a trade, below please see my breakdown:
- Firstly we have price trading at a daily key level in which there has been lots of indecision at this level previously and as we can see it has rejected this level.
- Secondly we have a bearish engulfing forming on the 1H chart giving us a potential sell signal
- Thirdly price is trading at and has rejected the 50 Fib level which shows price is also potentially moving to the downside
- Lastly we have price respecting the trend line which has been respected from price 3 times previously
Taking all this into account there is confluence there to explain the reasons for a sell opportunity.
Thanks guys