Price is within the main uptrend channel. Broke out of a minor downtrend channel yesterday. Now looks to be going back to test the minor channel. Potential long levels come in at 173.322 and between 172.9 - 172.15
Saw quite a few calls for a H4 Head&Shoulders trade. But channels have taken a different turn. Even I had to get out of my short positions quickly after the new channel emerged. Targeting 1.70850 from a retest of 1.70271.
Risk to the idea is the 170505 level which must be cleared and successfully retested.
Update from the previous long trade initiated to EURUSD. Notes on chart in regards to adding to new position.
Note that it is essential to buy only on a pullback to 1.3643, meaning that we need to see price stretch a bit further to the upside before dropping to the entry price.
Targets for previous trade moved to 1.3728.
Looking for either a small bounce to the upside to take a small risky position or waiting for a break of 137/136 level and short on retest. Targeting 128.421.
Keep an eye out on the minor channel
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Targeting the upside for the moment. Entry is taken from price near the gap that has been formed. Gives an overall good RR.
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P.S: Invalidating the previous EURPLN short trade idea.
Channels say it all.
Expecting a bounce at 1.43693 region, a long term key price region. Hypothetical measurement already showing 1.4949 region could act as a top (lower high) before the downtrend starts. Keeping an eye out on this one. Some decent trade sizes with a good enough capital to absorb the swings should see some good pips in the pocket.
Could take a...
This is the chart i'd prefer to look at in the coming days/weeks for AUDCHF. There is a possible risk to the downside as of now as shown by the rising wedge pattern. There is a strong confluence of the rising wedge target + the peak of the channel + the channel's lower support line itself, which gives the conviction that 0.81 region could be a prime level to go...
Targeting 1.72516. Trade could be built on adding to positions on small scales. Because price is currently bang in the center of the channel, not ruling out price action that could see GBPUSD find support near the lower end of the Channel.
Stops come in at the previous tested lows of 1.66978.
This is a phenomenon that happens ever so often. Trends in forex are pretty much there and can be charted best with channels. The main thick channel marks the uptrend in AUDCHF and the minor channel plots the minor moves within this larger trend.
The bigger channel's objective is towards 0.85471. However, price failed to break the upper channel line which is...
This is an experimental trade. A pattern that is observed within the rules of the channel trading set up. Usually the bar after the 3rd point of contact should end its retracement within 0.618 - 0.382 levels, which the current daily bar has done. Tomorrow's candle should not get lower than 1.44261, which should see price head to 1.46457 target.
Long term view of this pair. Sell on a retracement to 10.6222 targeting 9.72390.
Short conviction is that the breakout from the upper channel crossed below its 50% mark. So assuming that the retracement to this 50% level will hold, it should pave way for further downside moves.
First main channel is in uptrend. The minor downtrend channel was broken, so we go long on the retracement to the breakout. Stops and targets remain the same as per the previous analysis. See linked chart.
Risk to long positions can be limited by a possible retracement if a short side is confirmed. For now, the RR is quite good on this one and can't deny the Aussie's strength.
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Risk to the trade comes from the low of 1.78296 which has held quite nicely and pushed price to the upper channel line. So although a short position is still in play, the target of 1.70635 will be in doubt until the low is broken. For now, there is no view of a minor up trend taking shape, so we stick to the short side.