USDCHF, a move that didn't last, week 6 would be different.
USDCHF has moved quite nicely, according to previous analysis, showing persistent in the bearish trend, and went on to level 2 bearish zone. However, in week 5, it seems to halt and change the direction. I am heavy in shorting USDCHF, and I ended with about 4% overall equity loss but was helped by profits from other pairs which ended my January with negative 0.4%.
Thankfully, USDCHF did give enough time for me to review and rethink about the direction, it does it over the course of week 5. If not I would have achieved much higher losses.
As I highlighted in on the graph, there is a big price swipe which breaks below the low of level 2 bearish zone and went back up breaking the high of the level 3, reversal price pattern. I read this as an action of reset because it reset the high of the bearish trend and it also creates a new low in the bearish trend.
Following the reset, we see a reversal price pattern, a double bottom and followed by a price ending in the zone of the area of the reversal zone.
The analysis gave me comfort and confidence that in the mid-term trend, the price would rise. I would expect the coming Monday or Tuesday to have an explosive upward movement of the price.
With my current strategy, I would expect it to complete a 3 level of rising before heading down. So come Monday, I would be entering long together with short in EURUSD.
I am more confident with the direction of EURUSD, USDCHF, and GBPUSD. For USDJPY, I would like to seek more confirmation with the coming week 6 movement.
If you have any thoughts on USDCHFs movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
Thankfully, USDCHF did give enough time for me to review and rethink about the direction, it does it over the course of week 5. If not I would have achieved much higher losses.
As I highlighted in on the graph, there is a big price swipe which breaks below the low of level 2 bearish zone and went back up breaking the high of the level 3, reversal price pattern. I read this as an action of reset because it reset the high of the bearish trend and it also creates a new low in the bearish trend.
Following the reset, we see a reversal price pattern, a double bottom and followed by a price ending in the zone of the area of the reversal zone.
The analysis gave me comfort and confidence that in the mid-term trend, the price would rise. I would expect the coming Monday or Tuesday to have an explosive upward movement of the price.
With my current strategy, I would expect it to complete a 3 level of rising before heading down. So come Monday, I would be entering long together with short in EURUSD.
I am more confident with the direction of EURUSD, USDCHF, and GBPUSD. For USDJPY, I would like to seek more confirmation with the coming week 6 movement.
If you have any thoughts on USDCHFs movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
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