USDCHF: SNB might suprise everyone again...soon
Updated
I'll be entering shorts this week before the close, the potential is very good, even if only the 'local' trend signal goes in effect and hits the target.
If this trend signal works, a larger 18 week decline will become valid, and we could expect a very sharp drop towards 0.75972. This is also illustrated by a modified Schiff Pitchfork that I drew using key highest low and lowest high pivots.
You could use traditional highs and lows too, but I find the highest lows and lowest highs more telling, since they reveal what the last bastion of the buyers or sellers was in each leg. A very good idea derived from Tim West's teachings.
Fundamentals are bearish for the dollar, and we also have the commercial futures traders on our side, on this and the Euro longs, so I think this setup is of considerably high probability.
Should you take it, good luck!
We'll need it when dealing with the SNB bag of tricks.
Cheers,
Ivan Labrie
Time at Mode FX
If this trend signal works, a larger 18 week decline will become valid, and we could expect a very sharp drop towards 0.75972. This is also illustrated by a modified Schiff Pitchfork that I drew using key highest low and lowest high pivots.
You could use traditional highs and lows too, but I find the highest lows and lowest highs more telling, since they reveal what the last bastion of the buyers or sellers was in each leg. A very good idea derived from Tim West's teachings.
Fundamentals are bearish for the dollar, and we also have the commercial futures traders on our side, on this and the Euro longs, so I think this setup is of considerably high probability.
Should you take it, good luck!
We'll need it when dealing with the SNB bag of tricks.
Cheers,
Ivan Labrie
Time at Mode FX
Trade active
In, 0.95227.Note
I rushed in, but the weekly has confirmed the downtrend. The red box target is en route.Note
Discretionary error entry working well.If we expand range this week, the target for the bigger box will be confirmed, 55% chance.
Adding to shorts if we expand range.
Trade closed: stop reached
Weekly time at mode failure, we could counter long but I prefer to focus on other instruments. The dollar isn't strong vs most currencies, or gold, or commodities.Note
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