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)
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
A profitable strategy is useless without discipline.
Many traders end up losing money because they fail to make trades that meet their own criteria.
“Plan the trade and trade the plan” …. Success is impossible without discipline.
Latest posts by admin (see all)
- How To Plan a Trade From Start to Finish - May 3, 2016
- How To Trade The Eur/Usd Right Now - April 29, 2016
- Eur/Usd Could Move Higher Based off of Support Pin Bar - February 19, 2016
Winner’s Edge Trading, as seen on: