So we've just had a crazy open on the CHF so I've used a custom symbol to see how the CHF looks like as a whole. As we can see via the chart CHF is still in a uptrend so how this trends acts around here will show the state of how the CHF could be over the next week to month's.
Directional Bias: Short
Scenario 1: Identified symmetrical triangle,
price has retested the upper level 3x which
shows the validity of the level and that price will fall
Scenario 2: Price has been forming HH & HL which indicates a uptrend.
Price has broken resistance turned support, expecting price to retest support
Scenario 1: Price is retesting previous daily high.
If price was to break this level I would target the
previous high 0.69200.
Scenario 2: Price is currently a daily high, which
is also a resistance level. Price could reverse at this level,
if this does happen I would target 0.66174 and 0.65028 level.
IDENTIFY: We have identify NZDCHF in line with one of my strategy. we have identify the trend is down and rejected from 61.8 fib and looking to continue down.
PLAN: Technically daily chart looking to form a bear flag and created the pinbar and than inside bar, likely to take the move down
TRADE: We have placed the SELL STOP order below the daily candle and STOP...
Potential bat pattern forming on NZD/CHF 4 hour time frame!??
TP @ 61.8 Fib retracement of C/D
If price action confirms further bearish movement @ 61.8 fib then TP2 will be towards 127% extension of C/D
This trade for me is a risky trade as the moving averages have not yet given much confirmation to a trend reversal therethrough I will be prediction the direction this is really just to see what happens for me however if it comes though it could be a nice trade it should fall the the next fib level however my TP is a few pips before then! I like the look of this...
So this currency pair is moving on the downside towards my weekly trend line. Once it moves to this point, there should be a 61.8 retracement as well as the weekly which means big moves to come soon. This is more of a longer trade set up.
Technical Analysis for a SHORT:
Daily Downtrend, currently in a LH
Multiple Trendline Taps from Multiple Timeframes
H1 61.8 Golden Fib Retracement
Formed LH on H1
Bear MA Crossover