CHF-SGD Buy analysis:
UPDATE: I have adjusted the stop loss to 1.35805 and probably it will be moved higher to 1.36400. The whole trade is based on the support in the ~ 1.36700 area. If that goes there is enough room for downside probably something of about 1.3610.
There is no need to pay more for a stop loss than it's worth it and I start to think that'll go there.
Daily:
1) The price formed a quad in the 0/8 area
2) The 0/8 area represents the 61.8 of the big daily swing
3) Price was also at a round number
Weekly:
1) The same, the 61.8 retracement of the big swing
2) Price looks to be in an ascending channel ( but unfortunately the lower part is lower than the entry price )
3) Price sits also at 0/8 area
Monthly:
1) The price is also in an ascending channel
2) Price sits at the 4/8 area
What I noticed common is that there are higher highs and higher lows on all timeframes but not at a very visible distance.
The downside is that the high of the daily bar of today has stopped exactly at the previous bearish bar. Should it have broken it there would have been further confluence in the up direction.
However, the trade is on and I've planned the trade. Now I must trade the plan and wait for the outcome.
UPDATE: I have adjusted the stop loss to 1.35805 and probably it will be moved higher to 1.36400. The whole trade is based on the support in the ~ 1.36700 area. If that goes there is enough room for downside probably something of about 1.3610.
There is no need to pay more for a stop loss than it's worth it and I start to think that'll go there.
Daily:
1) The price formed a quad in the 0/8 area
2) The 0/8 area represents the 61.8 of the big daily swing
3) Price was also at a round number
Weekly:
1) The same, the 61.8 retracement of the big swing
2) Price looks to be in an ascending channel ( but unfortunately the lower part is lower than the entry price )
3) Price sits also at 0/8 area
Monthly:
1) The price is also in an ascending channel
2) Price sits at the 4/8 area
What I noticed common is that there are higher highs and higher lows on all timeframes but not at a very visible distance.
The downside is that the high of the daily bar of today has stopped exactly at the previous bearish bar. Should it have broken it there would have been further confluence in the up direction.
However, the trade is on and I've planned the trade. Now I must trade the plan and wait for the outcome.
Forex - It's finger lickin' good
1