There is a good buy setup on the gbpchf currency pair. A few days ago I took a long position at the bottom of the range in which it had been trading prior to a bearish breakout which it could not sustain. The breakout was followed by a rally that placed it firmly back inside the range. I took some profit at the top of the 4hr range around 1.6600, before it fell back to 1.6454 on Friday. This daily chart shows some sturdy support provided by the bottom of the trading range. Additionally, you will also see that it is also supported by the up trendline, against which it is currently resting.
In trading this setup, you can choose to take all your profit at the top of the 4 hr range, or, as I did, leave a portion to run the duration of the longer term target up at 1.6950-1.7000. That area represents the resistance zone for the daily range.
Latest posts by casey (see all)
- Using a Forex Checklist to Develop a Good Trading Habit - September 25, 2017
- Learn why using a 2:1 Risk to Reward Ratio can increase profits - September 19, 2017
- My Personal Trading Plan Reviewed by Trading Expert Kim Krompass - August 4, 2017
Winner’s Edge Trading, as seen on: