EURCHF and the purple balloons story

FX:EURCHF   欧元/瑞郎
I like to think the 21EMA is a good indicator of price action and when used together with candle stick, it is powerful.

Look at the 8 purple balloons that I have circled. Notice each succeeding upmove is evidenced by a bullish engulfing pattern, i.e.. 1-2 green candles closing higher than the previous red candles. Sometimes, it is obvious, others less conspicuous. Nevertheless, like a caterpillar, it follows the trail of the 21EMA rather than taking on a straight linear path like the black line.

Would there be a 9th purple balloon or will it break down? We shall see
评论: A doji pattern has emerged, meaning there is indecision between the bulls and bear. So we wait for them to settle amongst themselves ,no need to hurry.
评论: We learnt our lessons in the past. If we let the red candle that touches the black line as indication for sell, then we would be prematurely selling and suffer a loss. Instead, by waiting patiently for 2 more days, we can see the 2 green candles, giving us further evidence that it has now closed above the previous red candle.

Good luck to all
评论: nice one. but notice the triple top pattern it formed now? reduce your position, take some profit and adjust your SL

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