USDCHF - Trading the Trend-Change - Weekly to H4 Analysis
Hi Traders!
The market is in an overall Downtrend.
Let's begin the mtfa with the Weekly.
Here is it:
As you can see the price was moving between two major Support and Resistance Level.
The Resistance at 1.02 and the Support at 0.92 were the Key Zones.
So, if you take a closer look, you'll recognize that the market broke the S and even retested it.
Our Trading Direction based on that is DOWN.
Moving on to the Daily:
Here you can see the Downtrend very clear.
Remember, on the weekly we had a Retest.
This retest is on the daily the Pullback.
At this moment, it is at the Resistance Box.
We want to trade the Break of the Resistance Box.
Lastly, let's move to H4-Timeframe:
As you can see the market is moving in a Parallel Channel.
It seems to be in an Uptrend.
It made a higher high, then higher low, again higher high and now a higher low.
If the market breaks the Trendline downwards, there wouldn't be any Higher Low.
And that's why the H4-Uptrend wouldn't be strong and we could jump on to the weekly direction: downwards.
We'll trade the Breakout of the Channel.
The SL is above the High of the Parallel Channel.
The TP is at Support.
We recommend to wait for an Pullback after the Break!
Thanks and successful Trading :)!
The market is in an overall Downtrend.
Let's begin the mtfa with the Weekly.
Here is it:
As you can see the price was moving between two major Support and Resistance Level.
The Resistance at 1.02 and the Support at 0.92 were the Key Zones.
So, if you take a closer look, you'll recognize that the market broke the S and even retested it.
Our Trading Direction based on that is DOWN.
Moving on to the Daily:
Here you can see the Downtrend very clear.
Remember, on the weekly we had a Retest.
This retest is on the daily the Pullback.
At this moment, it is at the Resistance Box.
We want to trade the Break of the Resistance Box.
Lastly, let's move to H4-Timeframe:
As you can see the market is moving in a Parallel Channel.
It seems to be in an Uptrend.
It made a higher high, then higher low, again higher high and now a higher low.
If the market breaks the Trendline downwards, there wouldn't be any Higher Low.
And that's why the H4-Uptrend wouldn't be strong and we could jump on to the weekly direction: downwards.
We'll trade the Breakout of the Channel.
The SL is above the High of the Parallel Channel.
The TP is at Support.
We recommend to wait for an Pullback after the Break!
Thanks and successful Trading :)!
Comment:
Here is the RED BOX for you ;)
