Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the GBPCHF, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Top Down Technical Analysis: The market is still correcting below the HTF double top, and looks like forming a M pattern as a continuation of its previous bearish movement after it broke the rising wedge at the beginning of November. Considering the sharp movement started from the current level, the possibility to get seller pressure is high and we would be looking for a short entry, targeting its previous swing low, at about 1.10500.
When, where and why would we step into the market? The overall momentum is still bearish, and we don’t see at the moment any sign of reversal, yet. However, the market is still correcting and it has just left the frontside market movement. In the scenario of breakout and further correction, we will definitely try to take advantage of it, entering short if the RR will be 1:3 or greater. With no breakout and bullish continuation, no action will be taken.
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Sincerely, Cybernetics Trading Lab
DISCLAIMER Please note the views are not investment advice and should be used only for educational purpose.[/I]
Are you inspired by Jojo? I pretty much remember him when I see your chart as a first impression
Cybernetics_tl
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@TheSignalyst, Hi Rich! had a talk with him years ago, I would say that this method started with his knowledge! :) However, the criteria of entry and bias follow different methods, we have in consideration many factors ! Impulses and corrections define our bias, levels, day counts and timing determine our entry! Thank you
@TheSignalyst, You are welcome Rich! thanks for asking as well! I actually found this method very valuable, but as you usually say in your posts, "every strategy is profitable, if well managed" :)
TheSignalyst
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@Cybernetics_tl, exactly dear, glad you found what is working for you ;) keep it up
may I please know your name? better than calling you dear and mate