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USDCNH trade ideas

Is USDCNH starting to build an inverse Head & Shoulders Pattern?After forming a beautiful double-top formation above 7 coming into 2020, we saw a fabulous downtrend in line with the USD weakness of 2020. But as Echo & The Bunnymen sang " Nothing ever last forever" and is that now the case with the USDCNH Monthly chart? Do we see the start of a possible inverse Head & Shoulders pattern building here? Or just the start of summer malaise? Id like to see price trade through 6.58 first, and then slide to approx 6.45 region which would back my theory. Watch and shoot over the next few months!
by FXTraderPaul
Weekly Out Look For USDCNH,FX:USDCNH Same Process The MAEST Formula #1 M = MARKET STRUCTURE ( Declining Stage USDCNH 1D-TF ) #2 A = AREA OF VALUE ( Price is at area of previous resistance, could potentially b resistance again ) #3 E = ENTRY TRIGGER ( Previous daily candle close fromed a tweezer top ) #4 S = STOP LOSS ( you set SL 1ATR avbove the daily range or 25pips above the daily range from entry ) #5 T = TAKE PROFITS ( Set a target 🎯 TP at the nearest swing lows ) More clues, as long as I'm concerned we are still in declining stage ( Market Structure ) so I will be looking for SHORT signals at daily areas of value wait for it to act at those levls then I follow the Price. And if price close below 6.45400level and sustain below it, the only thing I will be waiting for is a break of the daily trendline to finally go SHORT. With, Entry Stop Loss and Take Profits as shown. Your HomeBoy 01Kim's FX
Short
by 01KimsFX
USDCNH = BUY SETUP (SWING TRADE)We have an impulse correction and a possible continuation to the upside. Also on the daily time frame if we look left we can see a structural level on the market in which we have a support and multiple times turned resistance, and since the market has broken up above and turned support and since the market has now returned back to the structure level to retest we can see a continuation for long. So the setup is done on the 4H, we can see the environment is still bearish MACD is still below the 0 and EMAs are cut for short, so only if the EMAs will cut for long and the MACD will break above the 0, after the break and shift on the retest of the previous resistance turns support here is when we can look for the long. Stop loss is below the low and the take profit is on the -0.272 of the Fibonacci taken on the daily retracement. ENTRY: 6.46892 TP: 6.50639 SL: 6.45804 BE + SWAP + COMMS > Only BE if the market created and impulse and correction
Long
by fx_shifter
USDCNH Facing Bearish Pressure | 9th June 2021USDCNH broke below ascending trendline support (now resistance). Price has also tested and pulledback below this trendline resistance. A further drop below our entry and Key 61.8% Fibonacci retracement level at 6.40076, with a possible downside target at 6.37686 could be possible. Our take profit at 6.37686 is also in line with a Fibonacci confluence zone where we have -27.20% Fibonacci retracement and 100% Fibonacci extension . Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
Short
by FXCM
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