Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

📉 GBPCHF Analysis & Trading Plan - 3 October 2024 #forex #trading #forexsignals #fyp #shorts

3 Oct 2024 · 1 min

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Vladimir Ribakov identifies a sell setup in GBP/CHF after the pair bounced off the 61.8% Fibonacci extension on the daily chart. The 4-hour chart shows a broken trendline and three consecutive lower highs and lows, confirming a downtrend. He plans to sell rallies back to the Fibonacci levels if they hold.

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Here is why pound franc is a sell opportunity. Daily chart bounced off 61.8 Fibonacci extension level measuring the 2 recent legs that went upside. The 4-hour chart broke below the most recent trend line. As it happens, the bearish structure is happening— 3 lower highs, lower lows, classical bearish price action. Pullbacks towards the Fibonacci levels are welcome, are possible, but as long as these Fibonacci levels will hold, sell the rallies would be my trading plan.