GBPCHF - Potential Bearish Reversal!

31 ott 2022

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

on WEEKLY: Left Chart
GBPCHF is approaching a supply zone in green so we will be looking for sell setups.

Knowing that GBPCHF can still trade higher inside the zone before going down.

That's why we don't sell blindly, we always zoom in to lower timeframes and wait for the bears to take over.

on H1: Right Chart
GBPCHF is forming a trendline in red but it is not ready to go yet.

Trigger => waiting for a new swing low to form and then sell after a momentum candle close below the last low in gray to sell.

Meanwhile, until the sell is activated, GBPCHF can still trade higher.

Which scenario do you think is more probable and why?

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich