this is a real time trade here. On GBPCHF price has reached a level where often times in the recent past it's found resistance or support. You can see every time it got there, price had some kind of reaction to that level. Now price has come back to it and it's forming RSI divergence while climbing up. The last candles make me think we could be headed lower and that's why i'm shorting at market, with stops above the highs and targets as shown above. If you want to be more conservative, you can wait for a break of this trendline:
If you have any question/idea, feeel free to share. Otherwise, see you in the next chart!
Hi Roker! Loving your analysis, I have a few questions on this chart. Are the dotted lines on the right support / resistance? Also, do you work on 4 hour timeframe the most? I struggle to work between timeframes as I never know which one to stick with! Thank you!
Roker1
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@JordanWillson, i usually do a top down analysis, starting from higher tf and going lower. The dotted lines represent entry, targets and stop loss level.
JordanWillson
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@Roker1, Brilliant thank you for getting back to me. I appreciate your time!