GBPCHF - Are we seeing a shift in market momentum?

28 de ago. de 2023

Analysis:
Bullish Confluences

• Emerging bullish momentum forming
  
• Failing to break below recent lows
  
• New recent highs are being broken
  
• Retest of a key support level
  
• 61.8% fib retracement level lines up with our area
  
• Touching a longer term and short term upwards trendline
  
• Broadening ascending channel present (blue lines)
  
• Longer term bullish pennant pattern present (red lines)
  
• GBP is the 2nd strongest major currency whereas the CHF is the 3rd weakest major currency
  
• 8K long position increase for the GBP
  
• 1K short position decrease for the GBP
  
• 1K short position increase for the CHF
  

Bearish Confluences

• Longer term downwards trend
  
• Recent rejection from downwards trendline
  
• 2K long position increase for the CHF
  

Stay Safe - The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We appreciate any comments at all so thank you!

Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.

28 de ago. de 2023

Trade ativo

Our entry criteria has been met and our order has been filled. We are long looking to see a longer term shift in market momentum, leading to price making a move to the upside.

9 de out. de 2023

Trade fechado: stop atingido

s3.tradingview.com/snapshots/b/ByIlPerd.png
Trade Closed
(-1R) Lost
After Trade Comments:
This was a trade which we've held open for a couple of weeks now, however today this trade has unfortunately closed for a loss. Things were looking good throughout the trade as we saw price attempt to make several moves to the upside, however we saw some CHF strength come into the markets today which pushed price down to our stop loss. Overall this trade was completely to plan and holding it for this long was to plan as well as we adopt a set and forget strategy to our trading as it helps with keep emotions under control. When we enter into a trade we simply set an alert at both our take profit and stop loss and then we don't touch the trade until our alert goes off. This way we don't have the emotional highs and lows throughout the trade as we don't know what's happened. This works for us and we recommend it to everyone to at least try this out because this can massively help your trading if you struggle with getting out of trade early or the emotions whilst you're in a trade. Anyway with that being said, onto the next!

Stay Safe - The JPI Team