The GBPCHF traded in a range in the last 4 or 5 sessions, near a long term resistance level. This means that the GBPCHF was making up its mind on the direction it would take in the following days or so.
But recently the pound-swiss broke is long term resistance level and now it is trading in a bullish market condition, meaning we’ll only take long trade opportunities. Also, the next LT resistance level is at 1.7159, so we still have a long way to go before we hit the next resistance level.
My Trading Plan
As long as the market keeps trading above 1.6667 I will be looking for long trading opportunities. All TP orders will be placed below the next long term resistance level around 1.7159.
All short opportunities will be ignored.