Dynamic Trader Forex Blog FXCPS.co.uk: GBPCHF, Conservative or Aggressive ?

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = GBPCHF : Day chart below.

Hi guys, the markets have continued to give more profits this morning and is presenting all kinds of opportunities to gain profits. Remember yesterdays blog with regards EXPOSURE, so you can not trade everything that moves, but keep your discipline.

I want to share with you another of my current trades that I am currently in, the GBPCHF. You will see from the chart we have had a large move down, a period of consolidation and now looking (maybe) for a further move down. Price has produced a double top (W formation) with the VI, which has been resistance and bounced down. Entry and Stop are shown on the chart and those of you more conservative, an alternative entry is also shown. MACD also showed divergence at the time of my entry.

Early gains were removed and the trade has been in a slight loss of late, we now look towards returning to some gains. Patience is the virtue.

My target to become risk free is before the conservative entry.

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Trade with Passion

John Maher
Forex Analyst