#003 NEW DCA GBPCHF SHORT Range Power Move
I am thinking of taking another position that doesn't have any other currencies I am currently in, and I spotted the GBPCHF is currently at the resistance level.
Price came up all the way to the resistance level in a parabolic manner, so I am expecting price to reverse back down. No especiallys no definitelys.
Paraphrasing Nick Shawn, I would enter at a price level where I feel that price would bounce at, and exit at a level where I feel that price would... erm... bounce at.
He meant that he would enter and exit at levels where he feels price would have pressure coming in from the opposing direction. But, something to remember is that, price either goes up or down, 50 50. So, if price doesn't bounce off at one level, it would have another chance to do so, at the next.
Taking profit would also be at a reasonable level where we expect opposing pressure to come in.
There's no guarantee price would bounce off at those levels. However, I think that we should not guess too much. Just follow this basic and simple rule to,
Enter and exit at a level where we feel (by experience) that price would bounce off at.
Keep it simple.
1417SGT 11122024
I have another screenshot I would be adding in the below notes showing the levels I would feel they would rebounce from.
1417SGT 11122024
Price came up all the way to the resistance level in a parabolic manner, so I am expecting price to reverse back down. No especiallys no definitelys.
Paraphrasing Nick Shawn, I would enter at a price level where I feel that price would bounce at, and exit at a level where I feel that price would... erm... bounce at.
He meant that he would enter and exit at levels where he feels price would have pressure coming in from the opposing direction. But, something to remember is that, price either goes up or down, 50 50. So, if price doesn't bounce off at one level, it would have another chance to do so, at the next.
Taking profit would also be at a reasonable level where we expect opposing pressure to come in.
There's no guarantee price would bounce off at those levels. However, I think that we should not guess too much. Just follow this basic and simple rule to,
Enter and exit at a level where we feel (by experience) that price would bounce off at.
Keep it simple.
1417SGT 11122024
I have another screenshot I would be adding in the below notes showing the levels I would feel they would rebounce from.
1417SGT 11122024
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