EUR/CHF: Technical Analysis 13/05/10
Hi everyone. With the Euro in the news by considering Estonia for membership in the zone as of January 1, 2011, I thought I’d take a look at EUR/CHF today.
The Daily chart shows good signs of a downward trend with the Chikou Span above the current price action and moving down. As I mentioned, the Chikou Span is similar to a momentum tool. Tenkan-Sen has crossed over from above and still parallels the Kijun-Sen. This crossover (at 17:00 BST on the 12th) confirms a crossover from above of the MACD at a similar time (it can be seen on the HOURLY chart below). Taking the lead from Michael Storm last night in the trading room, the candles at the current price area are showing long wicks at the top, which Michael says indicates the price getting tired and showing a reversal to the downward trend. It appears (on the 1 hour graph below) that I looked into the future to show the crossover from above of the MACD (oh to be able to look into the future… Hindsight being 20/20 in it’s accuracy lol).
(Click on Graph to expand)
[Strategy:Sell@1.4040] The all time low at 1.4005 is back under pressure and unable to sell a topside failure since the price stalled at 1.4334 on Monday. The price action leaves the daily studies heading south with plenty of room to extend, while the hourlies show mixed signals. Still looking ‘to sell a topside failure or a sustained 1.4000 break.
All times below are, unless specified, stated in (EST)
EUR/CHF
The most active days for Eur/Chf are Thurs (24% TM) and Fri (21% TM).
On these days 78% of trends occur between 01:00 and 13:00.
35% TM begins at 05:00
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Many traders end up losing money because they fail to make trades that meet their own criteria.
“Plan the trade and trade the plan” …. Success is impossible without discipline.
