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.
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 .