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Wednesday, August 11, 2021

GBPCHF Sell Idea

GBPCHF Sell Idea

GBPCHF has hit a Supply zone at the 1.28000 level, if price respects this level we expect sellers to push price back to the demand zone between 1.27500 and 1.25500.

As of 12am New York Time (11pm central) price is currently consolidating below the supply zone .
It found support at 1.27500 which started the ranging of price.
-Entry Criteria
Price Leaves Supply Zone and rejects area
Break and Retest of Supply Zone
Candle Close below 1.27500

-Things that we want to see
Buying Volume decreasing
Engulfing candle that takes out our area of interest @ the 1.27500 level.
Price return to the demand zone .

-Things that may happen along the way
Price may find resistance at the 1.27000 level.
Here we may see consolidation followed by a return to the supply zone
Selling pressure will push through this level and we will aim toward 1.26500 as our TP2 and trail our stop.

Ultimately we are risking 11 pips on this trade in an attempt to ride this move from 1.27500 to 1.26000 for a total of 180 pips
From our entry to our target our Risk to Reward is 16:1.

from TradingView Ideas
via gqrds

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