Reply To: Technical Index Trading & Analysis
On GBP:CHF I have a horizontal support line that I placed on the 4 hourly chart in December 2010 at 1.4416
With that line on the current 4 hourly chart it looks to be resistance having been tested 3 or 4 times from below, each time rejecting price. Whether its coincidence or still resistance is hard to tell.
But drilling down to just April’s 4 hourly time frame it appears price is in a range between 1.4274 and 1.4416 thus maybe we can wait for a break from this range (either up or down), and then a retest back to the middle of the range before entering a position in the direction of the original break.
Maybe like this for example:
