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GBPCHF bearish analysisHello guys Everyone who is Elite member - wait for proving decision if price will close that way GBPCHF currency pair is at overall bearish trending and bearish territory, which means price might hit higher levels or break H4 lower low level correctly. If price will continue higher, we have to take advantage from buy side on daily chart. Daily chart giving us a possible swich at H4 lower low. If daily buyers will confirm it, then we have to follow analysis and swich H4 LL to daily LL. Keep that in mind. And this will be one of the facts why bearish targets might not be observed anymore. If price will break recent H4 lower low level correctly, then price is again headed to 1.21442 support level. Recommend trading beetween H4 and H1 timeframe. If price will stay stable bellow 1.21442 ''new resistance level'' we have to be aware of daily candle closing and structure too, before we are looking potencial target at 1.19941.
Short
by EliteFxAcademy
1
Pennant Pattern On The H4 Chart (2021 April 28 ; 20:00)Trading the Pennant (Symmetrical Triangle). Wait for a close above/below the diagonal level. In this case, wait for a close below diagonal support resistance level. After the close, diagonal support turned resistance. Next, watch for a pin bar to form at the Resistance Line, EMA 10, EMA 20 in a Pull Back. Enter at closing price of the pin bar, break of the pin bar nose with a sell stop order, or 50% Fibonacci Retracement of the pin bar with a sell limit order. Stop Loss is place 5-10 pips above the pin bar tail. Or stop loss is placed above the break out candle. Take Profit is the first point of the trend line. In this case, the take profit level is 0.94906. Pin Bar is date 28 April 2021 time 20:00.
Education
by TradeLive-