The EURCHF daily chart shows a head-and-shoulders like pattern after the trendline break. I recon that the H&S patter should show at the end of a prolonged uptrend not within the prior downleg. The ‘neckline’ of this pattern is close to the level of the trendline breakout which means that the loss of that support will trigger further downside.
Due to last week’s deep pullback I stop looking for long setups for now as the 4h chart is not looking bullish at the moment. We have a lower high and a lower low therefore the price action does not support trrading the long side. We may se a retest of the 1.2825 low.
I re-entered the long position in EURCHF at Bar1 after the pair bounced from the 15m uptrend line and broke above the 1.3000 level. I held the long overnight but will stop if breaks the Asian session’s low. Only a firm break above 1.3020 would open further upside.
My second EURCHF long attempt got stopped. Bought wo lots at Bar1. I closed one lot at Bar2 and the second lot at Bar3.
I re-entered the long in EURCHF on a bullish pin testing the 1.2990 level. Running a tight stop on this trade.
The EURCHF has stayed below my stop level for most of the Asian session then jumped 70 pips ahead of the European open. The low overnight was 44 pips away from my entry level which is more than the initial risk that I accept on my trades therefore I consider my stop being valid yesterday. I have re-drawn my trendline containing the pullback and now look to enter long on a pullback close to the prior highs near 1.2990.
The EURCHF long position was stopped out as the price has formed a broadening pattern. We are likely to see a third wave of an ABC pullback.
I entered long in EURCHF on a breakout pullback setup with a bullish engulfing line on the 15m chart.
The EURCHF pulled back to the Keltner Bands now looking for a breakout pullback setup for a long trade. However high-ranking central bank official saying last Friday that Switzerland’s record low interest rates aren’t sustainable in the long-term may spark fresh demand for the Swiss Franc.
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