GBPCHF: Double top, bearish market conditions, shorts in play

Written by Raul Lopez on . Posted in Trades & Analysis.

The last two weeks the GBPCHF has been ranging in a very tight range, being very difficult to trade or find low risk trading opportunities. But today, the GBPCHF is pretty close from breaking a major long term support level plus it already validated the double top in the daily charts, this puts us in a unbeatable situation where we can look for short opportunities, please take a look at the next chart:

GBPCHF
GBPCHF

Remember the double top has already been validated, so, short trades are in play, the next long term support level is at 1.6703, close to 500 pips from where the market is trading now, not bad ha?

My Trading Plan:

If the market breaks the long term support level, I will be looking for short trading opportunities. All my TP levels will be set above the next long term support level around 1.6700

All long opportunities will be ignored.

Good luck!

Raul Lopez

crosses, gbpchf, GBPCHF analysis

Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .
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