We can see that price has respected this lovely trendline TL many times before, and we are expecting price to continue doing this... So we are going long on this position with a possible very good risk to reward target.
Get on this trade and thank us later... mines a vodka and redbull :p
After predicting successful long (100 pip profit), here's what I believe is next for this pair.
- expecting a minor exhaustion at hourly zone
- then looking for price action confirmation e.g. a bullish engulfing candle close (on 4HR TF)
- then entering long until monthly yellow zone
Time frame: (4 hours and 1 hours)
Date & Time: 22 Aug 2018, 16:15 GMT+9
Starting Balance: 3157.96
Graph Showing entry and exit points
Fundamentally USD is a bit weak because of Trump comment but the effect already seen on the market.
On 22 Aug,...
Yesterday's report highlighted an underlying positive tone but an absence of buy signals. That proved correct as trading in USDCHF was muted Tuesday. An early decline found fresh demand near Thursday’s Marabuzo line and the 13 day mvg avg. That bounce did not translate into significant upside but it is the weakness of selling interest that ensures our technical...
Contrary to yesterday's call, 2 days of indecisive price action was followed by a renewal of investor buying interest. The most positive prices for 8 week were posted as the resulting demand took the currency pair towards a test of a 50% correction of the Dec-Feb decline. Overbought extremes are an increasing concern but despite a decline in Asia this morning’s...
this charts are pretty self explanatory: price has recently broke and closed above a previous level of structure and that changes our bias from short (the trend was bearish) to long. And that's why i'm looking to long this pair, with stops below the lows and targets as shown above.
If you want to ask questions or share ideas, feel free to comment...
i'm trying to be the more short i can since this is happening right now. Double bottom with break of structure down on lower timeframes in a nice structure level. Stops below the lows, targets as shown. If you're aggressive you can swith target1 to target2 and let it run.
If you have questions or ideas, share below.
Otherwise, see you in the next chart!
this is the hourly chart on USDCHF. I'm interested in buying this cross and i'll briefly explain why: first of all, price is testing a key structure level that proved to be strong in the recent past. Then at this level also happens to be the completion point of an AB=CD pattern.
In the 4H timeframe RSI is in oversold condition (additional clue).