GBPCHF: Range Breakout

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This range breakout follows the same pattern as my other idea on CADCHF. In a very similar fashion, price has been in a range since September 2024.

The upper range boundary has shown signs of weakening or breaching a couple of times over the past few months. However, price recently closed above this range level over the past two days, which indicates a higher probability of sustained breakout.

The daily ATR is currently 64.3 pips. This sets my trading parameters at TP 32 and SL 64. Note that I'm only targeting 0.5x ATR because I scale into positions, but I also want to ensure I'm able to secure a profit with minimal holding costs.

Penafian

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