GBP/CHF and USD/CHF

I took some nice profits on my long gbp/chf when my tp got hit the june 19th swing high. Standing aside now.

looks like usd/chf wants to hit the 61 fib. I took some nice profits on this pair and short eur/usd as well as short aud/usd. I am standing aside on all pairs for now. I made my weekly and monthly goals already.

DAily target achieved actually more than achieve.lol
good one ovaforty,I wonder how peaches doing?

anyone thinking its nearly time to short?

YOU GOT THE MOVE EARLIER.
GOOD M8

gbp/chf made a nice double top formation. My sell order from that double top (2.0783) tp'ed at the 5 sma high (2.0600).

weekly chart for usd/chf shows that wants retest that 23 fib.

usd/chf weekly

On this weekly chart we see a breaking of the trendline to the upside,
and we see stochastic turning green and moving upwards. So USD Bulls are on the floor, this should not be ignored and kept in mind.

usd/chf daily

On the daily chart we see a spinning top or doji followed by another spinning top at the end of an uptrend. If we count the second spinning top as confirmation of the first, there will be a downmove, to one of those fibo-levels.

If price does not manage to close by the end of the trading week below
1,025, we will have a nice bullish monthly candle. I`am short the next few days, targeting the 38,2 fibo level, and looking at this level for a bullish candle-pattern, expecting a bullish break. Bullish target on monthly is 1,16, but that is far away.

gbp/chf weekly

same, as for usd/chf: we see a trendline break and stochastic move upward.


gbp/chf daily

The two candles below the ema150 might have been a bearish harami line, but the last candle means indicision in the market. Because of the high stochastic, I look for a bit downmove to 2,046, or maybe the back of the broken trendline. In this area I look for a bullish pattern to play out the weekly trendline break to an upmove.

If price does not manage a weekly close below 2,05863 (on my chart),
we will have a bullish engulfing monthly candle. Longterm targets in this scenario would be the 2,25 / 2,26 area.

Lookin @ a buy just waiting for comfirmation in the next hour only a few pips.

I am new to the thread but love trading gbpchf. I missed the move htis morning , saw the pivot form , but thought it might only be a flag.

However after going back above the 1.6000 number i think we are in the next move up , a break of 1.6050 will open a re-test of 1.7019. That is my R6 on my charts

Hi malcolm,

good, to have you here, and to see someone who is trading shorter timeframes with good skills.

gbp/chf daily:

price has big problems to reach 50% fibo retracement level, which i target, against the weekly trend:

There is a support zone, I marked in the chart, and we see the ichimoku cloud, which acts as a resistance. But fibo-levels are very powerfull.

usd/chf daily:

trading against the weekly trend, too:

We see price has problems to break the support zone, which is the 38.2 weekly fibo-level. Its the lower part of the ichimoku cloud-resistance, too.

The big big resistance and maybe reversal-level is 1,025. We have confluence of 38,2%-daily fibo-level, and also 50 % weekly fibo level.

One pretty early indication, which is a major sign for a bullish reversal is marked in the ichimoku chart. Its called "golden cross".

We have a bullish intraday but defently be aware of the fact that price broke the downward channel and reacted to the larger 4 hour swing ( light Blue Fibb)....Though keep in mind it is still to early to pull a trade,never have a bias, simply fallow price into what it tell you to do ....

Hi nice to see you here hope you can keep posting.
p/s:TQ for the analysis peaches,shermenator

Today we broke the top of the bull flag on the 4 hour chart

Also attached is a 4 hour chart with fib extensions plotted on it. I love trading around these intraday and the 78.6 % fe breakout at 2.0613 was the trade of the day. i did not take this right away due to congestion in the 2.0600 to 2.0650 , but as soon as she broke 2.0650 I was in a long , closing close to test 2.0715 , In a very quick 20 min trade that took me 3 hours to stalk....lol.


For you swing traders we are currently above the 100% fe , and should be aiming towards the 138.2% fe at 2.0840. There is secondary levels of resistance under this at 2.0720 and 2.0780. These are in no mans land between the fibs but seem to be areas that sellers have been defending on the 4 hour charts.

thanks malcolm, very good analyses.

I was hit a bit hard, becauce price has not managed a 50 % retrace on the daily, just a 38.2. fibo.

But from now on, situation is clear : in the next hours a retrace, and then bullish to the moon. Yesterdays candle from my viewpoint is not a hammer, because a hammer appears at the end of a downtrend, BUT it apperas above the ichimoku cloud (resistance).

IF we see next days over all bullish, we MIGHT have on the weekly
a bullish "three white soldiers" pattern.

Next days will decide.

usd chf daily is clear too

price does not managed to retrace 50% fibo level. Although of this,
we have had bullish breakout, which leads us to a new pattern:

If we don´t count the sundays candle, we have a "rising three methods" pattern. I expect a retrace a bit, and then a bullish continuation.
But what i see, is a "rising three methods", which is a pattern with high reliability:

"The Bullish Rising Three Methods Pattern is a continuation pattern representing a pause during a trend without causing a reversal. The pattern is characterized by a long white candlestick followed by three small bodies in three consecutive days. The small bodies represent some resistance to previous uptrend and they may even trace a short downtrend. These three reaction days usually have black candlesticks but the bodies remain within the high and low range of the first day's white candlestick. The pattern is completed by a white candlestick on the fifth day, opening above the close of the previous day and closing at a new high. The small downtrend between the two long white candlesticks represents a break during the uptrend. The upward trend then resumes and continues."

http://www.candlesticker.com/Cs87.asp

Happy trading

I shorted this at the top of the channel and am thus inclined to hope this baby is coming back down, anyone else got bearish leanings?!