No trade idea for now. But we are still looking at CHFJPY

24 janv. 2020

I pulled the text, etc. down on the chart for the candles to show better. This is the 1D timeframe. See how long the uptrend was? A good few weeks right? I think we're going to be seeing a downtrend for a while. So far, if you look at the chart, with that tangle of trendlines and support and resistance you'll see that the market always returns to specific levels. You will often see specific areas that the market may try to break past, but it takes a little while.

I'm looking at my chart again. Again, this is the 1D TF, so I would have to keep in mind the overall trend, and determine if this is part of a reversal or a pullback in the overall trend.

I'm going to switch to the M timeframe. The larger trend shows a peak at 139.137, maybe around late 2015, early 2016. Since then, it's been coming down to an area of consolidation (using that term lightly). But why do I say this? Again, my chart. I know, I know, all those lines, all that colour, what can I possibly see in it all. Well. That's it. It's all clustered together. So, that shows me that there is where a lot of the price action happened. and it stayed relatively to that area. Maybe the pair is waiting for a breakout. Will it go up? Will it go down? That's on the M timeframe, so that will have to wait.

Back down to the D timeframe. Remember that we had an almost consistent uptrend since December. There were dips so some may have gotten some good sell trades in. But yeah, it continued upward til it *nearly, just barely* reached a Weekly resistance. Then is when we started to see the downtrend.

So question the First -
Do you think this is a definite reversal of the trend, or is it a pullback, with the market stretching further up?

Okay, down to my favourite TF - 1H.

Oh, yah, oh yah. I'm seeing those huge-ass bear candles, whoever got in then for that sell, good on you. I was still on the road, so I would have missed it - no laptop, and as much as I love the app (I'm actually using it in conjunction with the desktop site now), tradingview's mobile platform is not for me when it comes to more detailed analysis. So, that tangent aside, it was a steep drop. If you got in early, that would have been less stress for you. Little later, my dude, put on some SU, or AoT, or BnHA, or something that makes you happy, because - Look at what happened. See that move up? That's a pullback. What did the market do? It needed to correct itself, to be balanced. The market works best in your favor if it's in flux. Learn to read it, and play it like a cheap Kazoo. Back on point.

My 1H chart shows a red(15 min) and a black horizontal line (M). That black one is key to me. That's a strong level. See how the market rallied to that level, tested it then moved down? Personally, I'm gonna keep my eye on it for the next hour or so to see , but I think it will continue down.

I'm moving my chart to the 15 min TF. Nice - testing of the M level, then it started to move down. it's like a 30-45 min away from a daily resistance now.

So what does that say? Well, wait for the candle close, and see if the sell is still valid.

Right, so I know I went on a little ramble there. But it all comes down to your trading style. Do you prefer scalping, does intraday attract you? Or maybe a swing trader? I've given my views on a couple TFs here. So hopefully what I can say will benefit a good bit of you. As for me? It's like 2 mins away from candle close, I didnt get a chance to trade or test anything today, so I'm gonna give it a shot.