This trade doesn't contain any Harmonic influence, as it is simply a retest of former support.
The breakdown of the GBPCHF is clearly portrayed on the Daily chart, which has shown recent violations of two trendlines and a 2-3 week support. The current retest of this support-turned-resistance level is further displayed on the 1 Hour chart. With a clearer look into PA, I was able to pinpoint a level of interest.
The Supply Zone I feel comfortable shorting is just 21 pips, while the upside is much greater. As of right now, price has reached within 2 pips of the zone.
I plan on executing once price has breached 30 - 50% of the zone, allowing me to accurately determine whether or not the Bears are showing their hand.
Stay tuned.
The breakdown of the GBPCHF is clearly portrayed on the Daily chart, which has shown recent violations of two trendlines and a 2-3 week support. The current retest of this support-turned-resistance level is further displayed on the 1 Hour chart. With a clearer look into PA, I was able to pinpoint a level of interest.
The Supply Zone I feel comfortable shorting is just 21 pips, while the upside is much greater. As of right now, price has reached within 2 pips of the zone.
I plan on executing once price has breached 30 - 50% of the zone, allowing me to accurately determine whether or not the Bears are showing their hand.
Stay tuned.
