I dropped the setup for a bullish reversal in EURCHF on Mar-16 following a massive failure above 1.3000 and with me booking four losing trades in 2 days. Looking at the 1d chart it seems that the Euro bulls are pushing for another upside breakout after the pair bounced from a near test of the 1.2415 low. On the 4h chart the price is above the Keltner Bands while the pair is now testing its 1h uptrend. While the big picture is still undecisive a test of the bearish 1d channel line is likely.
Tag Archives: keltnerbands
The EURUSD 4h chart shows a possible Double Bottom Bull Flag pattern which keeps me in favor of the upside for the start of the next week. On the other hand a lower high and a second push below the lower band of the Keltner Channel suggest a possible change in the trend. Below last week’s low at 1.4050 there is scope for a test of the uptrend trendline now coming across at 1.3915.
I suffered a small 22 pips loss in EURUSD on a long entry. The 15m chart showed a possible bullish reversal but the upmove failed at 1R gain and reversed to hit a new low. The price on the 1h chart is below the Keltner Channel so I will be cautious playing the long side. Below 1.4145 there is scope for a retest of the 1.4000 big level.
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.
I expect a bullish reversal on the EURCHF. The bearish trend was broken on the 1d timeframe with the breakout level being tested. The 4h chart still shows a downtrend with a possible reversal to the upside. Once the price breaks above the Keltner channel I will look for 15m pullbacks for long entries.
The euro bulls have finally showed their strength in EURCHF and lifted the pair to a new high on the 4h chart. With this move the price has broke away from the Keltner channel. The upside is in favor now…
I was playing the long side in EURUSD yesterday and entered three breakout pullback trades on the 5-minutes chart. All three was stopped out at the initial SL level. I have two notes:
1) I’ve violated the revenge rule by entering the third trade
2) The first trade was too early given the fact the on the 1h chart the price did not pull back into the Keltner channel.