GBP/CHF Longer Term – 20 Aug 2009
Below are trades and comments from members at FibMaster’s Trading Forum.<<-Click to join
Originally posted by “LifeSong”. Thu Aug 20, 2009 11:48 pm
Longer term up-trend. Click image to enlarge
My long term view is that we are at a crucial point around 1.7500 because of the following:
1- Price is at SK support on Daily
2- Confluence with LT trendline on Daily
3 – The 1.75 level has been tested a few times before
4 – Daily TRSI still down
5 – Looks like Weekly TRSI is heading down, dependant on today’s close
With the above in mind I’ll be monitoring the pair to see if the 1.75 holds for possible longs, although I would rather prefer to see it break for shorts because this level has been tested before and Weekly is possibly heading down. Most probably the early part of next week will pave the way, but your comments are welcome in the mean-time.
Originally posted by “Kim”. Fri Aug 21, 2009 12:25 am
Hi LifeSong,
That’s a great looking chart where 1.7500 is a very very strong SK Support over 10 weeks and a long term (33 weeks) upward trend line touch. It has potential of 600 pips to the double top resistance @1.8100.
You are right that the weekly TRSI is mildly crossed down, thus it is important to wait for daily TRSI to cross up which could take 2-3 days to develop (mid of next week). Let’s keep an eye closely on this pair for potential LONG trade!
Regards,
Kim
Originally posted by “FibMaster”. Fri Aug 21, 2009 9:39 am
gbpchf longer term support; Click image to enlarge
Hi Lifesong, Kim,
Since this is for a long-term position, we need to watch that weekly down-trend (TRSI).
1.75 does have support and it has withstood some good testing in the past. It may even test all the way down to the next level 1.7250 which I think is quiet achievable. The next lower support at 1.70 is critical for the bulls. Below that this chart is in a bear market.
So, any of those could be long opportunities if the weekly trend crosses up, or more aggressive entries on a daily cross up.
Lower time-frame traders could short between the support levels, or below the lower one.
Daily chart attached with the FibLevels.
-Neal.
Originally posted by “LifeSong”. Sat Aug 22, 2009 3:01 pm
Click image to enlarge
Hi Neal & Kim
Thanks for your replies and I support both your views. In my original post I stated that it go either way, although my preference is the downside break towards my next SK support on Daily @1.7168-89 as indicated with my chart. My post was made just before 07:00 GMT and the following early entry trade transpired since:
1. Daily & 240 TRSI was down
2. After my post I had SK resistance @ 1.7539-51 on 60 min chart
3. I waited for 15min cross down of TRSI after SK and entered SHORT at opening of next candle @ 1.7525 (see attached chart)
I’ll monitor the early entry trade, but I won’t be surprised if a bit of short term recovery happens next week for new entries.
Have a great weekend!
