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Great chance on USDCHF

27 February 2020, 13:28

Daniel Stein

285

Great chance on USDCHF

The USD is losing strength as we can see in the overview of major pairs

2702_fxt

EURUSD continues it's upmove but fights with some SR cluster which is why I keep it aside today.

AUDUSD and NZDUSD recovered a bit due to the USD weakness and USDCAD doesn't move at all.

I highly recommend everyone checking the majors regularly as shown in this market analysis

If checked all of them and there is only one pair left that caught my attention -> USDCHF

So let's have a look at this USDCHF chart in detail.

2702_fxt2

The trends are perfectly in line with a great intensity

Let's check the currency strength situation

Yesterday was a sideways day with unclear conditions but today we see the perfect setup for a SELL trade

The last hurdle is now the support and resistance situation on USDCHF

1. This chart confirms yesterday's sideways move as previously seen in the currency strength analysis

2. We see USDCHF left all SR levels behind and provides plenty of space on the downside

And this is how USDCHF looks in the real big chart picture - hope you are in as well...

This combined with the current GBPUSD weakness provides an interesting setup on GBPCHF as well

USDCHF a few hours later +48 Pips

GBPCHF a few hours later + 56 Pips

USDCHF has been stopped out after hitting a major support level with a positive result of +48 Pips

GBPCHF was closed manually before the market closes with a positive result of + 131 Pips

Find the right trading opportunities day by day!
(and learn when to better stay out as well)

1. Visit https://www.mql5.com/en/blogs/post/677671

2. Have a look at our free News Channel -> https://t.me/STEIN_INVESTMENTS_NEWS

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you'll get access to an exclusive group of skilled and successful traders who are willing
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All the best and happy trading
Daniel

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drpatch 2020.02.27 14:17 #1

Hi Daniel - another amazing review. I try to do what you do and write my own little report to gain some clarity - but got hung up on the EURUSD and GBPUSD because their path was littered with S/R levels (as you said) and missed the obvious one which was the USDCHF which was clear of support and resistance. As it happens, on this occasion, both the GBPUSD and EURUSD (and EURGBP) all had great gains because the strength powered them thro' the levels. Whereas I understand that no one can tell if a support or resistance level will hold can you give any direction on when you absolutely wouldn't go into a trade (however good the strength delta was) and when you might say : "well I'll risk that one." I am probably asking you to define the impossible here but I'd like to hear your thoughts on it.

Daniel Stein 2020.02.27 14:24 #2

drpatch:
Hi Daniel - another amazing review. I try to do what you do and write my own little report to gain some clarity - but got hung up on the EURUSD and GBPUSD because their path was littered with S/R levels (as you said) and missed the obvious one which was the USDCHF which was clear of support and resistance. As it happens, on this occasion, both the GBPUSD and EURUSD (and EURGBP) all had great gains because the strength powered them thro' the levels. Whereas I understand that no one can tell if a support or resistance level will hold can you give any direction on when you absolutely wouldn't go into a trade (however good the strength delta was) and when you might say : "well I'll risk that one." I am probably asking you to define the impossible here but I'd like to hear your thoughts on it.

Hi Pat and thanks for your positive feedback on my daily reports.

To make it short there is no such thing than a missed chance in Forex.
Every day there are new opportunities and summed up there are hundreds and thousand throughout the weeks, months and years.
So if you are not comfortable with a setup stay out. If there are SR lines stay out. Don't care. Go with them that provide a clear setup.

That's my philosophy and it's the way I'm most comfortable when it comes to trading manually.

All the best and I hope you'll enjoy trading with these tips as well.

Daniel