I have been successfully Demo trading the pure price action method for a few months now and am going to open a live account as I believe the Friday close of GBP/CHF showing a pin bar at a swing low fits all my criteria as soon as I get conformation the bulls are in control over the top of the small wick I will enter this trade. Just looking for some feed back from PA traders on this forum if they think I am on the right track. Thanks Dave
Hey Dave, what are your target Profits for this assumption?
My opinion on this pair, which i dont trade, but checked it out just for conversation.
I think USD is in an allout breakout, at least till Trump gets inaugurated in Jan.
Which is going to drag GBP down even further, making it weak, I see CHF pulling it down also to around 1.2360-1.2320 area.
You might see a 107 pip move to the upside, but think the safer bet would be the short in that area, and not a risk bet to the upside, as it could drop significantly at any given time.
So, with that said, I see a 270 pip drop, before a sound Bull rebound…
1.2605 currently, on Dec 24th 2016,
This is banter on the assumption, take no action on my words, as im not giving advise on said price action.
HI MoneyNVRSleeps You are correct in the approx. 107 pip as I would set my first T/P just below the Dec.7/8 candles which is at the BRN 1.27000 and definitely not consider the trade without conformation of bull control at least for a short rise to the above T/P area. That said I drew my S/R line on the daily chart which seems to confirm the pin bar is at a significant support zone around 1.25550. I appreciate your candor and will consider the strength of USD before taking the trade. Maybe I’ll just Demo trade this pair to further confirm my PA system is sound. Thanks Dave
So Dave, what did you end up doing?
Good place to look for a pullback @ 1.2480 Buy ( like, any second now )
I actually took a long spot @1.2498 +18 pips right now, looking for 1.2540 TP
Man, comon, I called that sht within 6 pips? lol…dropped 264 pips
BUT, I called it EXACT on the 1.2360- 1.2320 as it went to 1.2340 BOOM!
And, with all that said and done, man, Im gonna try me out some GBPCHF in the new year for sure.
Not saying, I got lucky, but I broke that pair down, and knocked it outta the park,
The bad part, I wasnt in the action after that long trade earlier. Althought it went to my area to short, I probably should of stabbed it anyways. *shruggs, cheese and whine, lol…
