EUR/CHF: daily

Chart of Sunil Mangwani CEO of fibforex123.com




Hello everyone, Hope you had a great holiday season (I did), I will still stay low in the market till next week, and come back refreshed next year, since the market is mostly in a range, and I don't have anything to write about, I though I will share with you an email that I got from
'Sunil Mangwani' CEO of fibforex123.com he holds a lot of webinars at fxstreet (he is great) he also has a blog at fxstreet http://blogs.fxstreet.com/forexology/

He replied to a question that i ask't him, about the EUR/CHF on a daily chart, and this is what he wrote back,

Hi Naftula,
Firstly, I aplogise for the late reply.
And thank you for your kind words. If my webinars on Fxstreet and other information help you in your trading, I feel that my efforts are worth the while.
Regarding the Eur/Chf, yes you are correct, it certainly is a 1-2-3 pattern, which has stopped exactly at the 0.786 level.
Now the ultimate target of this down move would be the FE 161, but we could also be looking at a harmonic pattern.

I have attached a chart showing the possible moves.
A precise rejection at the 786 level usually forms a harmonic pattern. I don't know how familiar you are with harmonic patterns, but I find them to be very accurate and strong.
If you have a look at my blog, you can see that it is one of the primary technical tool for me
http://blogs.fxstreet.com/forexology/

In this case, we do have a bearish 123 pattern, as you said.
This gives us a very strong probability of a move to the 1.4780 (appr.) at the minimum.
If it breaks that, then the bearish 123 should come into play and we can expect further downmoves.

With reference to the divergence, its not a very strong divergence & one could classify this as a "Class C" divergence, which needs some confirmations for a change in trend.
That is one reason, why I would be a little careful with the down moves.
I hope these did not sound too confusing.
Please feel free to get back with your comments/suggestions etc.
Kind regards,
Sunil Mangwani
CEO
www.fibforex123.com
Email: sunil@fibforex123.com
I am short EUR/CHF and my PT will be 1.4760 as i said 3 weeks ago.

have a nice day.

chart:USD/JPY 1 hour.

I would have liked to buy the EURO on the 1 hour chart now, -------"but I will NOT" because I have a sell on the daily chart, and I am just not comfortable baying at such high levels,
and because when I look on the 15 min chart, I am also not comfortable baying it, in fact I will try to sell it, on the 15 min chart, if it becomes a downtrend.

The BOJ Interest Rates Decision is coming up, so Trade with caution:

I would like to ask you all, if you can please answer, will anybody trade in the next week or 2? If the answer is yes, what days will you trade?

My view has not changed so far on the EURO and GBP and CHF, as you can see on the chart of the GBP, the trend is still firmly down, and we will have a stochastic cross, in the next day or 2, and the same is with EURO and CHF,


But I recognize that it's not tradable for me, I don’t want to be in a trade so long now, especially now that the next 2-3 weeks I will be off a lot,

So what I will do is this,------------ I will trade it on the 1hour chart, if the trend is up than I will buy, if the trend is down than I will sell,

have a nice day, thank you.

GBP/USD:1 HOUR

The EURO rose in the last 10 days almost 1000 pips, but the GBP only rose in that same time about 500 pips,
because As you can see on the GBP/USD chart above, there is a good resistance at 1.50-1.51, and I believe if we will break 1.50-1.51, we could see a good upside potential.

On the EUR/USD as I discussed in the last video, I will possibly go short in the next 2 or 3 days, I expect to see resistance at about 1.3550-1.37.

Have a nice trading day.

is it for real or not?

Video:EUR/USD daily;

chart:USD/JPY 4 hour.

Sorry for not being here yesterday I was sick:


Now about the market, my bias is for shorting GBP/USD------GBP/JPY--------USD/JPY-----on the 4 hour chart.


I expect 1 more spike above yesterdays high, in those pears and I will try to sell, in to the rally and the target will be at first %61 of the move.


On the EURO I may see signals on the 4 hour chart, of some kind of basing, and may also be starting an uptrend, but as I said a lot of times, I will not touch the EURO until I see a 'clear uptrend' on the 4 hour chart.


(I would like to try out a new trading platform, I think of using 'GFT DealBook 360' but as I read the reviews, I really don’t know, most of the reviews doesn't look good, everybody is commenting, that GFT is a scam, and they had a lot of bad experience with them,
but I don’t know if those who are commenting are like %90 of traders, that are losing money, and are angry on them ha ha,
so I would like to know if somebody in the this blog has some experience with GFT, or with any other forex broker, that is really good, i would appreciate your.)

thank you. Have a great trading day. Remember not taking a trade, is also trading.

http://www.dailyfx.com/story/special_report/special_reports/Canadian_Dollar__End_of_Month_1187887841525.html

The EUR/CHF is the first victim to sell it, and the next will be the GBP/CHF, I will not post the chart of it, and then the GBP/USD and USD/JPY----GPB/JPY

UPDATE

tuesday afternoon

As I said today after "a good amount of consolidation" I indeed am still waiting for the consolidation to end, especially if we hold the low of 92.85 in USD/USD, than I can see it as a head and shoulder, on the 15 min chart, and going to about 94.20 or so, then I will 'likely' sell the usd/JPY ----gbp/jpy on 1 hour chart.

Can anybody please take a good look, at the GBP/USD 4 hour chart and tell me what they see on the chart, is it a rang or what?

thank you. Have a great day.

chart:EUR/USD daily

a new week

Since the EURO has broken above the so called triangle, I have never been really convinced, that we will go higher, for a couple of reasons.


1) The USD/CHF gave me a clear buy signal, on the 4 hour chart, indicating the USD will gain some ground not fall further.

2) I look't at the euro on the daily chart, as a Bear Flag, as you can see on the chart, that I posted.

3) The most important thing, there was a stochastic cross to the downside on the daily chart as you can see.

With those 3 reasons together, I am still not trading the euro, right now I would much rather trade pears like the EUR/CHF from the short side,
And GBP/CHF also short, on the 4 hour chart, (with caution)


(I don’t believe that the euro will brake below 1.24 or so, (but it is only a believe) so therefore I will take long the euro, at about 1.24 if I will have a signal on the lower charts, like the 15 min chart or the 1 hour chart.
Have a great day.