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USDCHF Corrected! DOWN to .8700 Range!!

已更新

Here I have USD/CHF on the Daily Chart!

After USD/CHF finished its Impulse Wave May 1st with a High @ .92242 we see based on the Low or Point A @ .89879 followed by a LOWER HIGH or Point B @ .91587 ..
We are given all the Ingredients for a CORRECTION WAVE!!

Now based on the break of the NEW LOWER LOW @ .88809, using the Fibonacci Retracement Tool, we see price has made a perfect 61.8% Retracement!!!

On the initial Touch of 61.8% I took Sell Entries but we will certainly see this pair FALL!!!

Range Target is ( .87748 - .86842 )

交易進行

Took Sell Entries on 61.8% Retracement @ .8987
SL @ .9020

手動結束交易

Closed positions at current Support Zone!!

交易進行

Sell Entries @ .8937!
SL @ .8955

註釋

Price finds itself back down in the support zone!!

This week is going to be BIG fundamentally for USDCHF with USD having Empire Manufacturing Index, Unemployment, Retail Sales and Serv./Manu. PMIs and CHF having their Policy Rate Meeting!

註釋

Here we can see DXY made a False Break of the Ascending Channel its been in captured by the Overhead Resistance Zone!

With price so far unable to break back above, I believe we will continue to see Bearish in the USD playing favor into the USDCHF Trade Idea!

註釋

Now with my Trading Strategy, once Price has Activated a Fib Entry Zone on the Retracement. This generates a "Warning Zone" I call the KILL ZONE.

Rules-
1) Price may only Retrace to Fib Entry Zone TWICE
2) In the event that Price needs to retrace for a SECOND TIME and is unable to break the KILL ZONE, This means TERMINATION of finished extension to Ranged Target which will result and Prematurely Closed Trades!

Price is currently being pushed out of the Kill Zone, this is GOOD for our Trade!!

註釋

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註釋

Price being rejected from the Kill Zone into a Bearish Engulfing Candle closure on 4HR Chart!!

註釋

The Bearish Engulfing Candle evolved into a Three Black Crows Candlestick Pattern!

Get Ready for extremely BEARISHNESS!

註釋

Price has broken down through Support!

Now we see price rising to test this .8893 Level that acted as a Floor for Previous Lows that it broke!

交易進行

Added SELL positions @ .8893!
SL @ .8950

註釋

Price broke through the Support Zone strongly!!

Now with a Break you must expect a RETEST!!

Price seems to be stalling out around the .8840 area, if this becomes a Low before making it the rest of the way to our TP @ the arrival of the Ranged Target then expect a Retest of the Break of Support Overhead!

註釋

Price on USDCHF is Consolidating which is typical behavior for a Bank Holiday
(Juneteenth)

註釋

NAHB Housing Market came in LOWER than expected (43 Actual v. 45 Forecast )

This is setting price up on USDCHF right for the drop down to our TP @ .8775 in the Range Target!!

- Be Aware!! SNB will be setting their Policy Rates tomorrow morning!

註釋

Price has broken out of the consolidation it was in after the massive drop out of Support!! Trade Balance and Policy Rate Decision just ahead!!

註釋

CHF Trade Balance came in HOTTER than expected!! ( 5.81B Actual v. 3.84B Forecast ) This is GOOD for CHF!!

手動結束交易

SNB Cut Rates!!

This gives the upper-hand to USD and in that case I decided to close all positions on USDCHF!!