SHORT on GBP/CHFMajor Descending Triangle on the Higher timeframes for this pair.
I am simply trying to catch the falling momentum coming off the resistance trendline even though the best trade would be to wait until price breaks out of the triangle in whichever direction it decides to break out of.
Here is the play I am taking on this trade:
PAIR = GBP/CHF
ORDER TYPE = SELL STOP (PENDING ORDER)
LOT SIZE = Micro lot (0.01) (0.02)
ENTRY PRICE = 1.21967
STOP LOSS = 1.23701 - 173 PIPS / $17.30 LOSS
TAKE PROFIT = 1.17743 - 422 PIPS / $42.40 GAIN
