a simple harmonic pattern here on GBPCHF. It's going to complete right at a structure level: with stops above X and targets at 382 and 618 of AD leg it could be a nice shorting opportunity. Let's see how it plays out.
If you have questions or ideas to share, feel free to comment below.
Otherwise, see you in the next chart!
oday’s speech of Bank’s President, Mark Carney, seriously weakened pound sterling. As a result GBPCHF on H4 formed a Bearish Engulfing Formation. The candle forming the aforementioned formation establishes a lower low and its closure took place under the support area of 1.2387. This could therefore mean the end of bearish correction that began after UK elections....
we were waiting for a nice selling signal on this pair, and maybe this is happening. Price has reached another key level of daily structure and the RSI is in divergence on the daily as well as overbought on this timeframe. Moreover you can see price action has given the first signal of rejection with a pinbar (long wick to the top) that could be...
i know what you may think, probably after one day like this for the pound you wouldn't even consider a shorting possibility. However, patterns are always repeating, and our job, as techincal trader, is to find those patterns and keep trading them.
So here on the daily timeframe on the GBPCHF you can see that the today's rally has brought price up to the...
today i want to bring this analysis i've made on GBPCHF. As you can see we're in a daily structure zone (blue rectangle) and price is having some difficulties breaking through. Actually it's created a nice double top with RSI divergence (down on the bottom) right at this level, that's also lining up with the 618 retracement and a psychological number...
The last 3 days have seen 3 indecision doji candles suggesting the BULLS are running out of strength.
As long as we remain above the 200 on the DTF we must assume we are still in an uptrend but with RSI weakening, a move back to support must be favourite.
I'll be looking for a move down to 1.25 in the next trading week and see if support here holds. With political...
today i want to share with you a simple harmonic pattern that's about to complete on this pair. I think this could be a good sell since price is coming up to retest an important structure level on the daily chart.
Stops above X, targets as usual for patterns!
GBPCHF finds itself at critical support. 1.2269 looks like the last line of defense for G/C BULLS and a break beneath this level could signal a deeper move south.
The downtrend in place since the 22nd February continues though TDI studies are now stretched a look ready to move north.
Much depends now on news next week so its difficult to say which way we're going...
very simple trade, price has completed an AB=CD pattern on this pair, right at the most previous structure level. Also, it has created a nice long wick to the top candle that closed as engulfing, with RSI overbought condition in our support.
Waiting for a little pullback in order to short the market and get at least a 1:1 RR on the first target that...
here we have a nice 2618 on a trend continuation setup, You can see we broke to the downside the last support level (black line) and now we are retesting it. We know that when broken, support could turn into resistance. In addition price is finding some troubles at this level.
We have a double top with rsi divergence that's been broken to the downside. So...
weekly blocks have been touched, with a lot of resistance the 1 hour clear resistance was violated the 4 hour level of 1.208 should be touched as a first target (green line) the huge void created liquidity accumulation has happened before to build charge take out stops and then come crashing down like before.
Carleton Capital's trade of the week is SHORT GBP/CHF from 1.2176.
Quite an area of resistance between 1.2166 and 1.2188 and WR1 pivot lies in between.
Almost certain to be sellers in this area so we will be placing a SELL LIMIT order at 1.2175 with a STOP at 1.2200 for a 25 pip risk. Target is unclear but there remains a BULLISH note to the GBP so 1.2121 will...
With a "BC" wave closing below the 38% after kissing the 50's, we can expect a strong bearish "CD wave".
My first "landing platform" at next fib retracement level, the 50% retracement (blue fib), confluence zone between 127% first wave (AB) extension (or external extension), and 161% second wave (BC) extension (or alternate extension) - This forges...