I'm back in action after tech problems was solved.
I have got a grate opportunity on $EURCHF, as you can see in the chart above, 1.3500 finally was broken by the pair and a large bullish move was appeared.
If you change to the daily chart, then you can see a resistant line near 1.3670 (20/07/2010) and another prove is a nice ABCD pattern that can be seen in the chart.
ABCD pattern is the mostly known pattern in the market and you can see a brief discription of this pattern in the picture above.
The most common signal is to sell at D. Now you can see in $EURCHF, AB=CD and time of AB is absoloutely the same as CD and price is near that mentioned resistant line.
So exactly near that resistant line I'm looking for a short signal, bearish H4 candles will be a good confirmation of a short signal.
Profit target of this short setup is near 100pips and is to reach Hourly 20sma.
But if you see again the H4 chart above, there is an upward channel and it shows us that the overall trend is bullish and I'm looking for a long signal in this pair as I like 1.3900 level to be reached (Daily 200sma).
So it's good to see the price action near hourly 20sma or 40sma and the best signal is if the pair goes back to around 1.3500 level again and go long there.
Wait for further articles and setups for this pair and I will tweet about setups.
Have a nice Sunday.
Great articles thank you, Have a nice day!
ReplyDelete