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Steve O'Hare - First 4 Trading
Steve O’Hare, of First4Trading.net, explains in a technical analysis of charts why he is aiming to buy GBPUSD in a contrarian trade idea.
Short term
/
Buy
Trade view / 14 February 2018 at 7:57 GMT

Long in GBPCHF with the risk/reward favourable

Analyst / PIA First
United Kingdom
Instrument: GBPCHF
Price target: 1.3270
Market price: 1.2973
Background

Looking at a long GBPCHF set up today. With the Eurozone GDP due for release in the morning session, and CHF being near -1 correlated with the euro, we are looking for some aggressive price action. This is a counter-trend trade. Although the setup is high risk, we also have a favourable risk/reward ratio. 

Monthly: The move higher has been mixed and volatile, common in corrective formations. Price is being capped by the Ichimoku cloud. 
gbpchf m
 Source: Saxo Bank

Weekly: Bearish outside week posted at the high. We are in an Ending Wedge formation. Trend line support is seen at 1.2720. The medium-term bias remains bearish.
gbpchf w
 Source: Saxo Bank

Daily: The most important timeframe for this counter trend call. Weekly bespoke support is seen at 1.2955. Previous support is seen at 1.2955. An exhaustion count has been posted on the intraday chart. Bespoke resistance is located at 1.3100. We then have a further trend line barrier lining up with the 61.8% extension level at 1.3270 where we would look to close out any long balances. 
gbpchf
 Source: Saxo Bank

Management and risk description

Parameters

Entry: long at 1.2980 (prime entry 1.2955 BEFORE THE GDP FIGURES)

Stop: 1.2915

Target: 1.3100 and 1.3270

Time horizon: short-term counter trend 

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
14 February
tonyovsalford tonyovsalford
GM Ian, What is short term counter trend?
14 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
it means i am looking for it to go up today ... but the medium term picture is bearish
14 February
tonyovsalford tonyovsalford
Thank you👍
14 February
alki alki
Good morning. Counter-trend trades aren't very funny as you may burn your fingers nastily. Anyway i will try this one with 1/4 position .-)
14 February
Morten Olby Morten Olby
GM gents and happy trading. @Alki, I agree with you on counter-trend and sometimes I think of setting a rule NEVER to engage in them. However when Ian is in, I am often in too...so ...I am in :-)
14 February
HaythamSabry HaythamSabry
i'm in on this one
14 February
alki alki
HI Morten! Just a small one, to boost some risk appetite .-)
14 February
HaythamSabry HaythamSabry
are EUR data considered good or not?
14 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
it is not exactly a rally but i am holding
14 February
HaythamSabry HaythamSabry
Ian, are you exiting at entry point (if reached) or do you think this trade is still viable?
14 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
i am long still ... 1.3000 and 1.3150 resistance
14 February
alki alki
That was a good one, Ian! Spot on!
14 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
yep ... still on it ... good luck
14 February
Medo7tiger Medo7tiger
This is first time see your Forecasting and analysis...Good expecting Ian..!
14 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
thank you very much
14 February
HaythamSabry HaythamSabry
well, Ian is the best
14 February
tonyovsalford tonyovsalford
My Etruscan just triggered, Is it still viable?
14 February
tonyovsalford tonyovsalford
Eurusd. Lol
14 February
tonyovsalford tonyovsalford
Yes, Thee best👍👍👍
14 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
lol... 1.3005 resistance
14 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I am only in GBPCHF and GBPJPY long positions (at the moment)
14 February
tonyovsalford tonyovsalford
👍
14 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
hot the first targets GBP crosses ... calling it a day
14 February
HaythamSabry HaythamSabry
u r exiting?
14 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
for now ... yes
14 February
tonyovsalford tonyovsalford
Are you still posting potential setups in here Ian? That would be handy👍
14 February
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
yes tony ... always updating mate ;-)
14 February
tonyovsalford tonyovsalford
Cool😎

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