Move your cursor to each inverted Cup & handle pattern and you can see the different colour code. If the first one is right, then we can expect the right handle to be formed shortly, i.e. short term up. If not, then it would goes down further, forming the 2nd Cup first before we see a possible rebound (right handle). From here, it might pullback or else it goes to the 3rd Cup and Handle pattern.
Let's see which one play out first. EURUSD, the opposing pair of USDCHF has been very bullish and I suspect it might need a pullback sooner than later. If it does, it would give USDCHF a temporary uplift.
I wouldn't advocate a sell position as the turnaround can be fast and furious. If you want to sell, ensure it is fast in , fast out move, else wait out at the coast. Be patient.
Let's see which one play out first. EURUSD, the opposing pair of USDCHF has been very bullish and I suspect it might need a pullback sooner than later. If it does, it would give USDCHF a temporary uplift.
I wouldn't advocate a sell position as the turnaround can be fast and furious. If you want to sell, ensure it is fast in , fast out move, else wait out at the coast. Be patient.
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it pierce through the 2nd Cup , now what ?
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oops, the bulls are weak, not able to push through higher and the bears came pounding down, looking to charge it downhill towards the 3rd Cup. Who will win, the bulls or bears? See update tomorrow
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2nd C&H pattern support broke, could it have strength to rebound or goes toward the 3rd support line ?
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it is necessary to admit when one's trade go the other way you wanted.
we were wrong and we were stopped out.
Now that USDCHF has hit the 2nd Cup , we are expecting the right handle to be formed soon. Again, be cautious, it can also break down lower as well. Also, notice EURUSD did not pull back but goes into a sideway move before going higher.
we were wrong and we were stopped out.
Now that USDCHF has hit the 2nd Cup , we are expecting the right handle to be formed soon. Again, be cautious, it can also break down lower as well. Also, notice EURUSD did not pull back but goes into a sideway move before going higher.
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handle, what handle? It pierced through the 2nd support line , see our updated chart
