GBPCHF update

Afternoon Dynamic Traders

Just checking in on the GBPCHF today. I mentioned this pair last week and soon after I was triggered into a short. NFP on Friday may well have made a few traders a little nervous with the big spike in the day. This was caused by a frenzy of buying and selling at the time of the news release - a great way for the markets to sweep out short and long traders!














My stop remained above the VI so my trade was in a safe zone. Discipline is definitely what's needed in times like this..some may have been tempted to tighten their stops or close their positions but I stuck to my original plan with this trade.

Price is now gaining momentum in it's down move and on it's way to T1. Price is below the major RN and VI, suggesting price bearishness. MACD now being below the midline also supports this. Depending on your trading appetite there is an opportunity to enter if price gives a bob of the recent pivot. Remember, it's not the best looking chart! But with the current ranging personality and all the confluences mentioned, there could be some profits for the taking! But please do carry out your own analysis before placing any trades.

Each day, no matter how small it may seem, find a way to improve your trading in some way. Read a chapter from a trading book (there are some great suggestions here on the site), backtest, analyse some new currencies.. just keep up the momentum of learning and progressing! Trading isn't supposed to be fun, but you can definitely make it interesting!

Successful trading!
Sonia Molina