Daytrader21's Blog

Avatar

GBP/CHF Upward Channel Final Stage

GBP/CHF like the most swiss pairs have been going nowhere since SNB step into the market we have been stuck into a big range. We have establish the range between 1.5480 high and 1.3800 low, an 680 pips range. we can been seen that for the most part we have been staying at the lower level of this range comparing it with the times we have visited the high of the range. From figure 1 it can been seen that based on Elliott Wave we have are in the last stage of this range as soon we'll complete a fiv…
Read full story
Translate to Inglese Show original
Daytrader21 avatar

Update 1: We have made another run towards 1.5500 major resistance level which has stopped current rally and also produced a sell off. This marginal high lacks momentum that's the reason why I'm expecting the market to turn back down.For next week main level remains 1.5400 resistance level and 1.5200 support level.

Daytrader21 avatar

Update 2: Current sell of from 1.5500 previous swing high should be treat as wave 1 of wave D. As based on Elliot wave the wave D should develop a five wave move of lesser degree. As wave 1 as bee completed once we hit the support level at 1.5000 big round number we're already developing wave 2 of D which will develop a 3 wave move of lesser degree. Nest week support is at 1.5100 and resistance at 1.5300.

Daytrader21 avatar

Update 3: Wave 2 has already extended to the 61.8 fib retracement and this should provide us with some kind of resistance. This rally from 1.5000 swing low has already completed a 5 wave cycle and we should expect a sell of in a 3 wave decline.Key resistance for next week remains 1.5320 and support is at 1.5185

Daytrader21 avatar

Update 4: Right now our target has been hit as the market has been consolidated around 1.5260 and as per my previous update we can expect from here a 3 wave decline First wave should find support at 1.5200 fib extention target from where we need another rally up before to resume down again

Daytrader21 avatar

Update 5: Unfortunately we broke above key resistance level 1.5340 and moved away from our target. I don't think there is enough time for the market to come back and consume this rally on monday, however I do expect this to be a false breakout and by Friday to come down again

oper inserire commenti
Avatar

AUD/CHF Poised For Further Consolidation.

AUD/CHF has witnessed a strong downtrend since the beginning of the year which is taking form of an five wave decline as seen in Figure 1. We are in the final stage before the five wave cycle is completed. Currently the wave 4 is developing in a double zig-zag pattern. Which means that AUD/CHF is poised for further consolidation until the downwards momentum start to pick up. In order for AUD/CHF to gain downward traction, we need to see a meaningful shift in AUD sentiment. There’s a strong possi…
Read full story
Translate to Inglese Show original
Daytrader21 avatar

I have no idea what's happening but I see that the second paragraph is not aligned as it should be

Daytrader21 avatar

Update 1: AUDCHF has just ended finishing wave B of the wave 4 correction. From here on I'm expecting the market to run up above wave A and complete the ABC correction. I'm expecting this rally to take shape of an five wave sequence. Currently the 0.8500 round number is holding the market very strong.

Daytrader21 avatar

Update 2: AUDCHF has been dragged down by it's correlation with AUDUSD. This new down leg can develop in 5 wave sequence of lesser degree. Currently we are in the stage of ending the wave 3 from here on expecting market to settle down and 0.8270 should act as strong support as it's an unfilled gap.

Daytrader21 avatar

Update 3: The current down leg is overdone it seems that the 0.8200 is holding the market quite strong, expecting next week the momentum to pick up and it will need to do so in a five wave sequence of lesser degree, because this down leg was formed of an abc movement. First resistance level is at 0.8350 which I'm expecting to be broken and hold as support.

Daytrader21 avatar

Update 4. I think I got it wrong with this one as we broke and close below last swing low 0.8170, this forecast has been invalidated

oper inserire commenti