GBPCHF long trade
Pre Analysis:-
- Pound futures contract show widespread down bar on climactic volume.
- Try to find any GBP pair with sign of strength.
- GBPCHF has widespread down bar with climactic volume
- As shown above the climactic action happen at old support area to the left of chart.
- This maybe suitable for a long trade.
Entry:-
- After climactic action price found support and went up
- Finally price broke the high of climactic bar.
- We can now wait for no supply test for entry.
- Entry on successful test bar at time around 12:45am (26 Oct 2021)
- Entry: 1.26578, Stop: 1.26280
- Take profit around the old top around 1.27610
Post Analysis:-
Update:-
- Alternative entry after test bar no (1), price took out the high of that bar.
- The reason to entry at that bar is, they test supply from the left. If supply dries up we can expect high price coming.
- Potential profit of 3.86R