GBPCHF daily chart

[Lifesong]

Hi Neal

I had a look at your daily updates you e-mailed on Sun 4th and didn't notice any update of GBPCHF. Attached please find a daily chart and accordingly it seems that the possible SK resistance @ around 2.0900 is holding. Do you agree with it and is it possible to include this chart (and your analysis) with tomorrow's e-mail updates?

Thanks in advance and keep the great daily updates coming
Otto

[FibMaster]

Hi Otto,

That's a good observation. I'm glad you are enjoying my charts at http://www.dailyforexcharts.com

GBP/CHF is on my list to publish an update when it decides on a more clear direction. See my chart attached.

You can see my green and red arrows, for potential long and short trades. Right now the chart is in an undecided battle between those two options. The resistance that you mentioned is still holding, for the mean-time.

There is an up-sloping dark trend-line on the attached chart (daily), starting at April 17th. If that trend-line breaks, and GBP/CHF takes a move to the downside, then it will mt more attractive for shorting.

I'll keep you updated in my daily videos, feel free to remind me.

-Neal (FibMaster)

[Lifesong]

Hi Neal

Haven't seen any daily update on GBPCHF lately, any reason for avoiding "the beast"? I know you've been on the spot with many other pairs during last week, but is there any chance that you could do an update on GBPCHF during this week's daily updates?

It is now around 13:30 GMT and according to my charts I observe that the weekly & daily TRSI are up. On the daily chart I notice an upsloping trendline when connecting SL of March 17th (1.9377) and SL of April 15th (1.9605) and this again supported on June 9th (2.0011). From this the longterm trend seems to be up, but my concern is that the 4 hour chart reflects a downsloping channel (see my attached chart), furthermore the SH of yesterday @ 2.0534 was just above Fib resistance (2.0487) but still a distance away from top of downsloping trendline @ 2.0665. Also on the 4 hour chart current price action supported @ SK around 2.0335 and this makes me wonder whether this could be an ideal level to enter the latest uptrend with a profit target towrds the top of the channel. Any suggestions and keep them pips coming as you've been doing over the last few weeks!!!

[FibMaster]

Hi Otto, this pair must be your favorite?

I do see that up-sloping trend-line, and there is also an SK resistance at 2.09 just below the swing high of may 2nd. These two lines form a triangle.

Until this pair can break out of the triangle, it is a difficult chart to trade. The daily and 4-hour charts are full of whipsaw. This causes pain/agony, so I prefer to look for charts with a more clear direction.

I prefer not to disappoint you, but this chart doesn't allow me to make any observations with confidence. The lack of direction and frequent whipsaw make it unattractive to me. So for now we have to find better charts to trade.

-Neal.

[Lifesong]

Hi Neal

Thanks a million for your daily update on one of my "favourites" and AGAIN you helped me NAIL the beast. In Monday's (Aug 11th) update, which I reviewed on Tuesday just before 05:00 GMT, you highlighted that the 2.0750 to 2.0800 area was gearing for a rollover and as usual patience paid off!! In your update you said that if 2.0800 level holds that down move towards at least 2.0500 (previous trading range) was realistic expectation. Herewith a summary of my trade due to your advice:

On Tuesday around 05:00 GMT my 4h chart showed that TRSI already rolled over and I did my Fib studies as you've been promoting in your dailyupdates and Fib videos. Waited for the pullback on 1h chart to pull the trigger. Entered the short trade @ 2.0730 (08:00 GMT) with a stop loss @ 2.0810 (above swinghigh of 2.0805 Aug 11th) level with initial profit target of 2.0530 Thus my risk reward calculation reflected risk = 80 pips and first profit target 200 pips - HEY I CAN LIVE WITH 1:2.5 ODDS!!

Obviously when price approached the 2.0530 level it took a bounce, but it never closed above the Fibmaster 3x3 MA (on the 4h chart) and for that reason I stuck to the trade, but moved my SL lower and let my PROFIT RUN!!! Although TRSI is still down hard on daily chart I am concerned with the longterm trendline @ 2.0275, the 4h chart has been consolidating since Wednesday 13th from 15:00 GMT and TRSI on 4h chart could be crossing back-up. In light of these factors I believe it is appropriate to take profits of the table and let the market decide what next!!!!

Thanks a million for another 350 pip profit!!!

[FibMaster]

Hey LifeSong, great trading, 350 pips is real money!

Keep up the good work. It's great to hear about your success. More is better!

-Neal.

[FibMaster]

Hi Neal

Although TRSI is still down hard on daily chart I am concerned with the longterm trendline @ 2.0275, the 4h chart has been consolidating since Wednesday 13th from 15:00 GMT and TRSI on 4h chart could be crossing back-up. In light of these factors I believe it is appropriate to take profits of the table and let the market decide what next!!!!

Thanks a million for another 350 pip profit!!!


Just looking at the chart now. It sure did bounce right near that supporting trend-line. Nice exit!