Hello all,
I hope everyone is well and following their trading plans. A site member brought a forex idea up with me today and I thought I would give my answer to the broader community's attention through a post here on TradingView. This is a very typical study I would do on any asset for any time frame for any type of investor/trader. Ideally, students of my level one trader education program leave with both a thorough understanding of everything you see on this chart but also the ability to do the exact same on any chart of their choosing.
So on to the chart. While no one knows for sure of anything in life, I sure like the idea of hunting long setups on the Swiss Franc at or near current levels. The trade location is appealing because it corresponds with a Fib. study trade location tool (the Line-in-the-sand within a RLZ), this market's Volume Profile PoC (Point of Control), a confluence of moving averages and most importantly, lets you take a long position on the S. Franc and risk to pre-euro-link-break levels (which I don't any of the Swiss Central Bankers want to see). From a sentiment perspective, Euro bearishness has been present for a while. It seems to have hit it's zennith with Grexit round-3. Maybe that pendulum needs to swing the other way for a bit.
Regardless, the trade itself has not developed yet but I am watching closely. Specifically, I am watching the 1.0108 & 1.03460 levels. Should the recent lows hold on what seems like a very likely retest, and we then can move back above 1.03460 I shall move to actively hunting longs. Conversely, should we see new lows then I will have to wait for new market structure to develop to consider playing the long side and the idea is basically shelved.
Just my thoughts, hope you like JC....teehee
Brian
The Rational Investor
p.s feel free to drop by our chat room here on TradingView if you have any questions ( www.tradingview.com/chat/ ). Additionally, if you would like to really learn how to trade professionally then consider joining our school programs. Registration is no cost and you get Gold membership access until our fall term starts in September www.therationalinves...-trader-development/
Cheers
I hope everyone is well and following their trading plans. A site member brought a forex idea up with me today and I thought I would give my answer to the broader community's attention through a post here on TradingView. This is a very typical study I would do on any asset for any time frame for any type of investor/trader. Ideally, students of my level one trader education program leave with both a thorough understanding of everything you see on this chart but also the ability to do the exact same on any chart of their choosing.
So on to the chart. While no one knows for sure of anything in life, I sure like the idea of hunting long setups on the Swiss Franc at or near current levels. The trade location is appealing because it corresponds with a Fib. study trade location tool (the Line-in-the-sand within a RLZ), this market's Volume Profile PoC (Point of Control), a confluence of moving averages and most importantly, lets you take a long position on the S. Franc and risk to pre-euro-link-break levels (which I don't any of the Swiss Central Bankers want to see). From a sentiment perspective, Euro bearishness has been present for a while. It seems to have hit it's zennith with Grexit round-3. Maybe that pendulum needs to swing the other way for a bit.
Regardless, the trade itself has not developed yet but I am watching closely. Specifically, I am watching the 1.0108 & 1.03460 levels. Should the recent lows hold on what seems like a very likely retest, and we then can move back above 1.03460 I shall move to actively hunting longs. Conversely, should we see new lows then I will have to wait for new market structure to develop to consider playing the long side and the idea is basically shelved.
Just my thoughts, hope you like JC....teehee
Brian
The Rational Investor
p.s feel free to drop by our chat room here on TradingView if you have any questions ( www.tradingview.com/chat/ ). Additionally, if you would like to really learn how to trade professionally then consider joining our school programs. Registration is no cost and you get Gold membership access until our fall term starts in September www.therationalinves...-trader-development/
Cheers