Welcome back to the weekly predictions. Again we will start off looking at my portfolio and this time we will take an in depth look at UsdChf day trade opportunity I am keeping an eye on. So lets not wait too long and go right into it.
Starting off on the Euro as always we have overall consolidation but currently with a short term bearish bias. Having bounced of this minor but quite respected level as anticipated a while back we didnt follow through to the upside and instead got a strong bearish candle. This makes me think we can retest the blue line below. However when I go down on the 1hr I dont think there is a clear level to be involved at that I am willing to put money at risk for. We did break the yellow line but have some suppor just under. Overall my prediction is to retest the middle zone on the 1hr then push down to the blue line but it isnt the most convincing of situations hence why I am staying out. GbpUsd same old same old. Contraction waiting for a breakout to either direction and react off that. The blue lines are where I predict the breaks would have some sort of support/resistance but we just wait and wait.
AudUsd is overall consolidation but like the Euro I do have a slightly bearish bias. Bouncing off the resistance level I still think eventually we can go down but again it is something just predicted but nothing I would put my money on anytime soon. On the 1hr we do have a break of this wick but pulled back straight away. Also the Rsi on the 1hr isn’t convincing me in this break so just more reason to stay out. GbpAud dribbling down likely to the blue line at the top but too messy and undecided looking at the lower timeframe so just waiting and waiting.
This week I want to walk you through in a lot of detail on the UsdChf. It is an opportunity I am looking to take on my demo account but I know that it might not be the best one ever. So here is how and why.
As you seee we are at resistance currently and RSI is overbought on the daily which can be a signal for some relief. However there is a minor and major level of resistance above looking back in picture 2 so there wouldn’t be any surprise if it carried higher to test these levels. However despite that I am thinking short in the shorter time frames. Here is what I am looking at on the lower timeframes.
As you see on the 1hr we are in a very strong uptrend. I am looking to be involved in the pullback and there is 3 levels which can provide support. Firstly its the minor blimp in pricejust on top of the green box which is clearer on the lower timeframes as a pullback on there. Second is the green zone which is out most recent resistance turn to support. Thirdly we have our outside return on the 1hr which is where I am looking to carry price down to. On the 5 Min we have an official trend reversal which allows me to look for short entries back into the zone with blue lines. I would have stops above the level and targets at most where I have my 3rd level of support drawn. It is an aggressive trade and the reason I am being aggressive with targets is due to m daily perspective and expectancy of some relief. However in reality our move has been made to the first level procing support so that is why we want to be careful. end of the day it depends on how you value this trade, whther you think its a good or bad setup. You could even take it with a reduced position size or more conservative entries. So yea there is my weekly predictions and I am curious to see how these play out win or loss taken or not we learn continuously. Hope you found some value in there and enjoyed the post.