Forex $1 MM Challenge - Trade #25 (1-23-20) Sold GBP/CHF

over 4 years ago

I saw a trade set-up on the GBP/CHF earlier this week. Last year, I missed a lot of trade set-ups because I wasn’t in front of my screen. At the same time, I don’t want to be a slave to the screen either. So, in an effort to place more limit orders, I entered a limit order on Tues., which triggered on Weds.

GBP/USD is trading 0.58% higher on the day, unnerved by the news that the House of Lords just approved the Brexit bill, a factor well and truly already factored into the price of the pound.

The price has pulled back from the highs of the session, around 1.3150, which were made following a CBI report that showed that the UK manufacturing sector was robust. In the same vein, the Quarterly Business Situation Index flew to +23 in January, reversing the from -44 in October disappointment and marked its highest level since April 2014.

Source

Despite the strength in the GBP, I shorted the GBP/CHF

Monthly Chart (Curve Time Frame) - monthly supply is at 1.47000 and there is no monthly demand, just support at 1.75000.