Morning Godal Member's, Traders and Aspiring Traders . Todays shared post is on .
Pair : GBP/CHF
Time-Frame - Weekly
Biased - Bearish
Price action was on a strong bullish run till it reached a major weekly bearish trendline which has been respected ono previous occasions which makes this trendline valid.
How price action reacted - The bullish momentum slowed down very much and respected the trendline by not breaking through the resistance for several weeks.
There has been two weeks of back to back gravestone dojis, which has been followed by a hangman candle and they all represent a bearish market. This being three weeks of bearish candle closes at a strong resistance located at the weekly resistance trendline following the recent weekly bearish
engulfing . This indicates to me we could be about to have a strong bearish run so I will be looking at the lower timeframes for potential trades once personal entry criteria presents itself.
Pair : GBP/CHF
Time-Frame - Weekly
Biased - Bearish
Price action was on a strong bullish run till it reached a major weekly bearish trendline which has been respected ono previous occasions which makes this trendline valid.
How price action reacted - The bullish momentum slowed down very much and respected the trendline by not breaking through the resistance for several weeks.
There has been two weeks of back to back gravestone dojis, which has been followed by a hangman candle and they all represent a bearish market. This being three weeks of bearish candle closes at a strong resistance located at the weekly resistance trendline following the recent weekly bearish
engulfing . This indicates to me we could be about to have a strong bearish run so I will be looking at the lower timeframes for potential trades once personal entry criteria presents itself.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.