GBPCHF is in an Ascending Triangle Breakout Trade

7 Sep 2017

Pair is in an Ascending Triangle setting up for a bullish breakout. It can breakout the first try of the top of the resistance line @ 1.2486. Or it can bounce back into the triangle and fall to the bottom trendline. Price could breakout short so watch for a bearish Break-Hook-Go there. If it stays inside the triangle this is a good spot to enter with the expectation that price will at least return to the top of the triangle @ 1.2486 and bounce short or continue long. Another entry point is when price breaks the 100% fib level @ 1.2506. TP is the 127.2% fib. @ 127.50. My TP is just before @ 1.2545.

8 Sep 2017

Nota

Pair did break below the bottom wedge trendline but then re-entered long back into the triangle. Price then rose to the top trend line @1.2486 and re-tested the 100% fib level @ 1.2506. An entry at the bottom trendline would have been around the 61.8% fib @ 1.2443. In general you would be looking to take some profit at the 100% fib level because price would have paused there which it did and then fell back to the top trendline.