GbpChf

GbpChf has a (WAR) weekly average range of around 338 pips its daily average range (DAR) is 155 pips. Looking at a possible mid week break up to the top side then down with the trend of the past few weeks.

Short from the close of yesterday's candle.
Hoping for Weekly Support S1 as TP2 and Previous bottom as TP1

On the Daily chart the present low could extend lower to make a C whch is longer. On the H4 if it starts turning, then this low is Higher than the previous turn low. If the H4 is reliable we could see a nice move up too

gbpchf moving north,the days low is 2.3505 it has a DAR daily average range of 155 pips which is 2.3660, currently trading at 2.3605 with the days high of 2.3636. Looking to take profit once PA shows it being over extended on the up side. Looking for an entry after that on the south side. See first post for chart showing mid week correction then down side again.

GBPCHF 4H

Downtrend with a double bottom at 2.3500. If that level breaks to the downside it could be a nice short opportunity. If the down trendline gives way, the setup will be void.

The high of 2.3636 has held thus far for a Daily RM of 131 pips. Watch for a break bottom side.

More comfortable trading this pair with the current down trend. Waiting for a break south ?

downtrend breached, trade plan no longer valid unless price dives back below once again.

Daily chart downtrend trend line around 2.4069 and ( black ) ema 365 would be possible turn around for the downtrend continuation.
C wave could end and reverse at this ema365, ema 150 or sma200.
A cross of the horizontal level "A" ( lime) confirms the ABC correction. For this week , I would like to see it reaching the ema150/weekly R1/ monthly S1 confluence.

My entries are dictated by a set of Higher TF MTF indicators with Lower TF to refine entries and exit.
First TP is usually 20 pips ( or earlier )if indicators shows no reversal and this 20 pips profit will be the stop/loss for the remainder trade. If stop is hit later, the whole trade is a free ride.

Today

What I was calling a mid week correction became the trend for the week, see post 7.

Currently the GbpChf has bounced off of the 61.8 fib off of the 6/30/06 low of 2.2519 and the 7/25/07 high of 2.4965 and is around the 50 fib. Also it is being squeezed between the 21 daily ema and the 365 daily ema. The fib lines low was based on a major pivot point that started the up swing. This pivot and up swing came after breaking out of four months of about a 450 pip range.

S/R levels on a smaller scale. Looking for PA breaking below or above the S/R level. Keeping in mind the (DAR) Daily average range of 158 pips.

144 ema blue line
89 sma red line
21 ema yellow line

UPdate

Interesting pair to trade. Lots of movement with opportunity.

Interesting chart for the gbpchf see post 6684 http://www.forexfactory.com/showthre...60#post1623660

Add this chart to the previous posts link and chart.

Currently this weeks high is at a strong daily s/r level.

Shorter term look for a 20 pip break below 2.3896 with a 4hr candle closing below the 2.3896.

good long opportunity for about 1000 pips plus good swap rates.