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CAD/CHF Head and Shoulder Pattern

Daytrader21 Posted 15 June as Analysis on CAD/CHF, Target: 0.8442, Date: 1st of August, 12:00 GMT  in #Technical analysis #Support #Resistance #Reversal #Bullish #CAD/CHF #Head And Shoulder Pattern #Neckline
The CAD/CHF daily inverse head and shoulders pattern (see Figure 1)may suggest the bearish trend is over and we already started a new bullish trend. The neckline has already been broken entered in a new bullish trend. The head and shoulder pattern suggest that the minimum target to the upside is 0.8620. the target is calculated by measuring vertically from the lowest point to the neckline which is than projected down from the breakout(see green line)
Also the current price structure confi…
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Daytrader21 22 June

Update 1: We already broke above previous swing high and resistance level at around 0.8300 and we had a close above level suggesting further upside momentum. From here on 0.8300 should act as support and should limit any downside movement.

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Daytrader21 7 July

Update 2: As expected the daily head and shoulder pattern is working and momentum has keep pressing to the upside. WE're very close to hit the H&S's projection at 0.8440. Currently we need a break and close above 0.8400 to have confirmation for further upside movement.

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Daytrader21 12 July

Update 3: It seems that the H&S pattern has been completed after the recent sell off, but as long as we stay above 0.8300 there is a change to have another try towards 0.8440.Right now we're in a very complex price structure witouth any clear wave patterns, so we'll have to wait more for further clues

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Daytrader21 19 July

Update 4: Nothing new happened here as further consolidation took place. Momentum is still pressing to the upside so we may need another run up towards our target before any downside move to be seen

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Daytrader21 26 July

Update 5: As expected we touched again our target at 0.8440 but unfortunately again we sold of after we touched that figure but as long as 0.8350 support level holds the price we may hope for another run to the upside as current price structure still favors the bulls

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CAD/CHF Final Stage of the Downtrend

Daytrader21 Posted 15 Feb. as Analysis on CAD/CHF, Target: 0.8270, Date: 1st of April, 12:00 GMT  in #Technical analysis #CAD #CHF #Support #Resistance #Reversal #CAD/CHF #Consolidation #Downtrend
The Bearish trend has been slowing down in CAD/CHF in the past several weeks as the downside momentum has failed to pick up and we're stuck in to some decent consolidation. In Figure 1 we can have a look at the daily chart and how this down trend have moved inside a downward channel We can also see how each previous swing low after was broken to the downside has turned into a resistance(see red line Figure 1).
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Daytrader21 9 Mar.

Update 1:Last week we saw another failed attempt to break below last week low. this should be seen as a bullish sign and this should hold as support, next week look for momentum to start picking up, Next major resistance is at 0.8050 and than the major 0.8200 round number

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Daytrader21 14 Mar.

Update 2: Unfortunately we have made a new marginal low after we break previous swing low at 0.7880 which suggest more consolidation. Major resistance is at 0.8000 big round number if we can get a weekly close about thatlevel we can expect our target to be hit

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EUR/JPY - Counter Trend Trading

Daytrader21 Posted 11 Dec.  in #Trader's blog #EUR/JPY #Resistance #Reversal #Elliott Wave #Momentum #Counter Trend
In my last trade I took a short position in EURJPY which it's very obvious if you look at the market trend it was a counter trend position. Trading with the trend is much more easier than against the major trend as you have to momentum trading in your direction. But as a professional trader you have to consider both side of the market and counter trend trading not only that it gives you the chance to make some money if you lost the train on the trend trading move but it can give you the possibil…
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geula4x 11 Dec.

+1 Liked: Nice analysis. Thanks for sharing! Happy trading today :-)

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Daytrader21 11 Dec.

It seems that taking the profits just at previous day low was the right decision as the market found strong support right there and reverse. I always take profits when trading against the major trend

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Metal_Mind 11 Dec.

Nice bro as always. You have your special writiing style to make anything a masterpice.

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Berkeley 11 Dec.

I completely agree with Metal_Mind! Keep doing this.

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Daytrader21 11 Dec.

Thank you all for the good words

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Fiber: Head&Shoulder within an Head&Shoulder; Ultimate Reversal Pattern

Daytrader21 Posted 1 May as Analysis on EUR/USD, Target: 1.2650, Date: 1st of July, 12:00 GMT  in #Technical analysis #Reversal #EUR/USD #Elliot Wave #Fractals #Head Shoulder
On Feb 1st we have established a swing point and developed a minor H&S top. (Fig1. see blue circle). Using fractal analysis we can see the H&S pattern is expending on a much bigger scale on the daily chart.(Fig1. see red circle) The market is currently developing the right shoulder. We have an Head&Shoulder within an Head&Shoulder; an Ultimate Reversal Pattern. From here we should see a minor consolidation top right shoulder develop, which should spike up into 1.3200 50% retracement from the 1.3…
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alextiff 9 May

I will keep an eye on this...

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Dieselfx 13 May

there so many h&s that are fake....trade the more reliable patterns

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Daytrader21 13 May

@Dieselfx That's correct, there are many patterns that not work all the time. And a H&S is confirmed only after have a break-out of the neckline. The H&S is just a part of the analysis as you can see the H&S hold more weight when you take in consideration the Elliot Wave analysis.

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Daytrader21 29 June

The H&S pattern has not been invalidated yet although price turned around we are still below the Head (from the H&S pattern) which confirms that the pattern is still valid just that price action took another shape. Also the H&S pattern become valid only after the neckline is broken. Currently the momentum has shifted to the downside and I'm expecting price to continue downwards from here. It seems that I was to pessimistic in my time horizon when I've made my forecast for eurusd.

Maria_r avatar
Maria_r 19 Oct.

+

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