Tuesday, October 14, 2014

Gbpchf Update.

12th October, I forecast a bullish move of this pair ( Read the full gist)

I expected price to break above the wave 4 channel before putting a long postion. 

Despite the triple pin bars on the daily, Gbpchf dipped further and penetrated the support zone I highlighted. My entry level wasn't satisfied, so i stayed out and watched the fast dip.

I still keep my bullish bias intact and I expect price to price to react at 61.8% and 78.6% correction of the previous bullish trend.

Presently, price is returning to the corrective channel after a brief sharp movement below it and it's resting on a very strong intra day support zone. The correction has now dipped to 61.8% retracement, a good reversal fib-ratio.

I will put a long order if price rallies above the support zone to form a nice swing low especilally with a bullish engulfing candle. If this is formed, we would see a nice pin bar on the daily chart.

If price continues the dip, I will watch for reaction at 78.6-88.9 % ( here, price will complete a bat harmonic pattern).

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