The GBPCHF bulls have gone completely nuts printing a newer 2024 high on the back of a strong buy side liquidity run after May's internal resistance and HH TL got broken!

As a result, I’ve landed a 3rd straight win after my May 20’s long trade plan has exited in another profit:

https://www.finlogix.com/analysis/20240520/gbpchf-intraday-analysis-and-trading-plan-for-may-16-2024

Please take note that I have used a wrong date title and URL here should be May 20. Pardon for the inconvenience!

A new overall record of 3 wins and 4 losses.

There are 3 more upcoming major impact data releases for the United Kingdom on Thursday and Friday while none for Switzerland.

Re-assessing GBPCHF’s high timeframe candles:

Yearly Candle: Still a Green Body since last check

Monthly Candle: Last check is a Green Long Lower Shadow now a Green Body with a Longer Tail Wick

Weekly Candle: Last check is a Green Spinning Top now a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Green Spinning Top current is a Green Body with a Longer Head Wick

The GBPCHF has broken out from its bullish expanding triangle structure!

Short attempts were not given a chance to retaliate as the buyers flooded the cross pair.

Prices shoot up to the further north direction, big thanks to a stronger British year-over-year CPI figures 2 hours ago!

I mentioned this line in my previous analysis:

“There’s an aggressive up wave happening now and if the HH resistance line gets broken, there may be a further breakout!”

For now, I’m looking at the GBPCHF’s weekly 200-SMA as a resistance!

It feels so good to have taken advantage of the bullish ride.

For now, the price is already over extended or overbought and I want to short at the cross pair’s weekly 200-SMA where the 1.18 resistance level awaits.

Price can go higher right now but I won’t open a long position, too risky.

I’ll be putting a 50-pip stop loss only which is an affordable shorting risk but with handsome rewarding 4 RRR take profit setup at least a potential pullback towards the HH TL.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

GBPCHF Intraday Analysis and Trading Plan For May 22, 2024

May 22 2024

Pending

Published 108d ago

1.10705

Current price

1.18000

Entry price

1