EUR/CHF: Technical Analysis 13/05/10

EUR/CHF: Technical Analysis 13/05/10

The Daily chart shows good signs of a downward trend with the Chikou Span above the current price action and moving down. As I mentioned, the Chikou Span is similar to a momentum tool. Tenkan-Sen has crossed over from above and still parallels the Kijun-Sen. This crossover (at 17:00 BST on the 12th) confirms a crossover from above of the MACD at a similar time (it can be seen on the HOURLY chart below). Taking the lead from Michael Storm last night in the trading room, the candles at the current price area are showing long wicks at the top, which Michael says indicates the price getting tired and showing a reversal to the downward trend. It appears (on the 1 hour graph below) that I looked into the future to show the crossover from above of the MACD (oh to be able to look into the future… Hindsight being 20/20 in it’s accuracy lol).

(Click on Graph to expand)

[Strategy:[email protected]] The all time low at 1.4005 is back under pressure and unable to sell a topside failure since the price stalled at 1.4334 on Monday. The price action leaves the daily studies heading south with plenty of room to extend, while the hourlies show mixed signals. Still looking ‘to sell a topside failure or a sustained 1.4000 break.

All times below are, unless specified, stated in (EST)
EUR/CHF
The most active days for Eur/Chf are Thurs (24% TM) and Fri (21% TM).
On these days 78% of trends occur between 01:00 and 13:00.
35% TM begins at 05:00

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“Plan the trade and trade the plan” …. Success is impossible without discipline.

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  • pennysharefortune

    i am buying at 139 and did buy at 142..
    the chart look a bottom forming..
    my target is 148

  • YankeeClipper1

    Thanks Sophia… I like to be impeccable when I can… but it's down to Casey allowing me to enter my own articles… so when I see something I can add right away and be read right away. This site is going from strength to strength… now we just need Google to notice us as Casey mentioned 🙂

  • Your timing was impeccable with this piece, Yankee !:)
    I really like reading your articles..Always so informative 🙂

  • YankeeClipper1

    wow… really….? ~falls to the floor~

  • robin hood

    Great Job! You were right on key. Followed by a 65 pip crash, right after you posted it. Amazing! Keep up the good work!