Current price action seems to be following the slope of this modified Schiff Median Line set. Has it found support yet? I don't think so, as the potential buyers would have a problem with placing their stops here, so I expect a further decline. The CHF continues to be very weak and its momentum is now flagging. The JPY is doing quite well, it is strong and gaining momentum. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
It's typic for such a range trading that one can draw almost any line - up or down. In this case I rely on the longer time frame. Look at the week and don't force the force. ;-)
ForceFollower
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Hi, motleifaul. Thank you for your comment.
Yes, I know you're bullish, I've seen your chart. That's OK. :) It can go up - I don't know the future.
I agree with you: you can draw almost any line, and, admittedly, the person who draws the lines is often biased by his/her belief or exectation about the market.
Now, the weekly time frame? OK. What do you see? A very strong up trend indeed, a failed new high (3 times) and no deep retracement (i.e., to 23.6%) since March 2013. The size of the 2012-2014 rally is 1.236 times the prior 2010-2011 bull swing. Doesn't it look to you like an A-B-C correction about to happen? Not to mention the red fork. :)
motleifaul
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Your weekly view is almost as impressive as my own. (tradingview.com/v/NgA2S7pe/) There are some people that say chart analysis is just useless line drawing. One could use a chrystal ball as well. I am convinced that this is wrong even if sometimes there are reasonable studies with the opposite results.
Yabi
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Also, price failed to take out the minor SWH 113.88, on multiple attempts. Double bottom low 111.++ could be threatened.
ForceFollower
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Yes, I agree. Although the CHF has been bucking against any bearish power for the recent two hours. It may be some kind of decoy or... a deeper correction. I wonder how it develops.