GBPCHF: Market Reversal followed by BEARISH Price Action
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.
Top Down Technical Analysis:
In October 2022, we could see a strong bullish impulse and in that time out bias was quite bullish considering about 800 pip of move.
We were looking for a correction phase before the potential next movement, which it never happened.
Eventually the market approached on the level around 1.1400, correctively, forming a rising wedge, which usually is a potential reversal pattern, if it make sense with the overall price action.
At the end of October, a strong reversal impulse changed and confirmed the new bearish bias! The price currently is correcting the previous move, and it could proceed its downward movement targeting the level 1.1200 and 1.0900.
When, where and why would we step into the market?
We missed the first entry on the breakout of the LTF structure, so we will be looking for a second entry if a bearish price action will form during the current day.
The overall bias is bearish, enough HTF and LTF confluences are a confirmation to short this market!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.
Top Down Technical Analysis:
In October 2022, we could see a strong bullish impulse and in that time out bias was quite bullish considering about 800 pip of move.
We were looking for a correction phase before the potential next movement, which it never happened.
Eventually the market approached on the level around 1.1400, correctively, forming a rising wedge, which usually is a potential reversal pattern, if it make sense with the overall price action.
At the end of October, a strong reversal impulse changed and confirmed the new bearish bias! The price currently is correcting the previous move, and it could proceed its downward movement targeting the level 1.1200 and 1.0900.
When, where and why would we step into the market?
We missed the first entry on the breakout of the LTF structure, so we will be looking for a second entry if a bearish price action will form during the current day.
The overall bias is bearish, enough HTF and LTF confluences are a confirmation to short this market!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.
The market performed a really sharp impulse to the downside, without giving us a proper entry, the target 1 has been reached and we will be patiently waiting for the next structure (which we believe will need weeks for develop), before to see a potential further downward movement!