Good Morning Dynamic Traders
With the short week and NFP out tomorrow I’ve been laying low with taking new trades this week. That doesn’t stop us looking at what’s on the horizon though and the blogs have been great this week with currencies, stocks and commodities to add to your watchlists.
EURCHF mentioned on the blogs over the past couple of weeks has continued to hang around the RN. Note MACD convergence now coupled with a tramtrax. We could see price bounce up/range. Ideally we’d like to see price remain below the resistance level and breach the new low for our 3rd bearish bob. This would be a nice high probability short to take advantage of. Advanced GET ST although oversold, does confirm the friendly trend so odds are in our favour. Price just needs to do it’s thing and probably catch it’s breathe before it’s next move.
The 4hr chart provides some insights too with a possible bearish flag formation and ST crossing to the downside.
Remember that indicators, chart patterns and candlesticks do and can fail – it’s certainly not a perfect science. Price could ignore the tramtrax and convergence for example and simply continue to weaken. So be ready and prepared for anything.
S1/S2 would be the most appropriate method of entry on the daily.
I’ll be out of the markets tomorrow, so my next update will now be Monday.
Abundant and Successful Trading!
Sonia Molina
Tags: eurchf
