Eurchf

[dzver]

Hello again


I'm convinced for a long for those pair.

My trade pending long order entry at 1,6170 with SL 1,6120.

Reasons to enter:
Strong up trend at W1, D1 and 4H.
Charts show a corection of a prime trend with top at 01.03.2007 and all ready try this resistance once at 11.01.2007.
Imho this corection is quite weak.It can't even rich level of 38% since last bug upward move. Right now looks like market is consolidating and will keep his primary upward trend.Consolidation is in shape of triangles and both Stochastic and RSI shows divergence.I'm waiting for a break out.


Happy hunting

Vladimir.

[topchess]

I am setting my long term target in the 1.63 area. It broken a multi year range opening up fibonacci resistance on monthly chart (50 fib in the 1.63 area)

Here is my chart

[dzver]

Hello topchess

I'm still long there and i'm expecting scenario near to yours.But we need to be patient which failed me at Eurjpy.This time i will learn my self to wait.
Price is bouncing in a range past few days in a range of daily bar of 18.01.2007.Soon or later break out will come in ether direction.


Good hunting

Vladimir.

[topchess]

The only thing that makes me little worried a triple test just shy of 1.6200, much of the hard work is done once that level gives away. Stop loss is below 1.6097 for me.

[dzver]

Originally Posted by topchess

The only thing that makes me little worried a triple test just shy of 1.6200, much of the hard work is done once that level gives away. Stop loss is below 1.6097 for me.

Yup i figured out that, but my SL is closer i'm lock my order with no risk at 1,6160 if manage to penetrade level of 1,6160 it's possible to fall and test support of 1,6100 where your SL is.In that case i will wait for another upward move where i can enter for a long.


Good hunting

Vladimir.

[topchess]

I took profits at 1.6216 having held this since 1.6160 area. I am looking to buy on a dip again for a move towards 1.63 (Which seems to be slowly developing).

Good luck!

[dzver]

Originally Posted by topchess

I took profits at 1.6216 having held this since 1.6160 area. I am looking to buy on a dip again for a move towards 1.63 (Which seems to be slowly developing).

Good luck!

Thank you

I'm still long my SL is at 1,6100 and i need to learn my self to be patient


Best regards

Vladimir.

[topchess]

A bearish threat from doji + strong bear forming, If it closed on the low side today, I am stopping my new long. That is on Daily chart.

So risk reversal near term, I will place longs at 1.6100 with stops just below the level around 1.6060
Regards.

[dzver]

Hello Topchess

Hmmm my scenario for a long is qute possible now on.I'm waiting for break out upper side of pennant chart pattern.Here come my charts.Looks like my patient will be rewarded ... or not ... Market is only truth


Best Regards


Vladimir.

[topchess]

I went long again after it failed to crack 1.6120 support area, EURCHF is doing decent technical movements, I hope this continue until we reach 1.6300.

On daily chart It didn't even penetrate its 23.6 fib of recent rally which is 1.6126. So I will place buy limits near the latter. and re post to my longs at 1.6100, 1.6059 respectively.

Good luck