This is my bearish trend idea. However wait for a fall back to a key level after trend continue to downtrend momentum, because overall structure breakout and continue to downtrend. You can see it high time frame momentum. Good luck
- CHFZAR establish a bullish double bottom
- Price is building in a bearish Channel
- Market formed ABCD pattern
- M pattern on Weekly
- ( Candlestick ) Bullish Signal
- Count on price to launch from that area
- Plan is to go Long on CHFZAR
- Take the trade when your rules are fulfilled
A BULLISH MOVE is probable in this market.
CHF/ZAR is our specialty as you can check out our previous ideas and we spotted a wave of going up in the mid-term. As it is not a short-term move we have to be careful with our risk/reward and need to wait till we are sure that this is a false flag before giving up our position.
Therefore;
Level of entrance is 16.50, SL is 16. TP 18.40.
in the case of reaching to the resistance point(yellow circle) you can enter the short position.
WHY???
1.there is a resistance of pivot point
2.61.8 fibo EX(GOLDEN RATIO)
3.61.8 fibo RET(GOLDEN RATIO)
4.bearish hidden divergence
5.finishing of bullish E wave and starting of bearish 5th wave
6. static RESISTANCE
7. Dynamic Resistance
8. GAN resistance
...
Bad news about ZAR under performing can cause a rally CHF turning to be Bullish against it. Carefully watching price action as it his the 17.76923 level before going long.
Hello traders!
MACD line just crossed below SIGNAL line -> beginning of a BEARISH DOWNTREND
RSI 14 is going down and it is far away from being oversold.
CHF/ZAR price seems to be already in a retracement which will probably end in the vicinity of the support
Please, maintain proper position sizing and risk management!
Not a financial advise
Trade safe
