Trading Idea: Double Bottom Reversal in GBP/CHF

Technical Analysis: Identification of a downtrend in GBP/CHF on the daily chart.
Double Bottom Pattern: Recognizing a double bottom pattern, characterized by two troughs at a similar price level, indicating a potential trend reversal.
Execution:

Entry Point: Initiate a long position (buy) after the confirmation of the double bottom pattern. Confirmation can be sought once the price breaks above the neckline, the horizontal resistance level formed by the peaks between the two troughs.

Stop-Loss: Set a stop-loss order just below the lowest point of the double bottom pattern to manage risk in case of a false reversal.

Take-Profit: Establish a take-profit level based on a risk-reward ratio, targeting a recent resistance level or using technical analysis tools like Fibonacci retracement levels.

Risk Management:

Position Size: Determine the position size based on the percentage of total capital at risk. Avoid risking more than 1-2% of the trading capital on a single trade.
Monitoring: Regularly monitor the trade for any signs of reversal failure or unexpected market events.
Additional Considerations:

Fundamental Factors: Stay informed about any upcoming economic releases or events that might impact the GBP or CHF.
Market Conditions: Assess the overall market conditions and sentiment, as broader trends can influence the success of the reversal.