FX:USDCHF   Dólar estadounidense/Franco suizo
Monthly
  • 3 Month candle printed a long wick showing buyers' exhaustion and liquidity capture.
  • August's monthly candle closed beneath previous support, capturing sellers at the low, we waited for a pullback and now we wait for smaller time frames to confirm our long term selling bias.

Weekly
  • 1.0050 - 1.0125 is a "liquidity pool." Enough buyers were induced for the market to finally melt. We had a bearish engulfing candle, signaling a price drop .
  • Price close beneath support (.9850), followed by a pullback which led to last week's inside bar . Now we continue to smaller time frames to solidify a clean entry.

Daily

4 Hour
  • Break below consolidation/support @ 0.9950, now we are retesting previous support, relative resistance.
  • Currently rejecting 4H Disturbance Key Level.
  • Recent 4H candles are bullish , lets wait for momentum to start to shift along with 1H.

1 Hour
  • Back to back doji candles, buyers losing momentum.
  • Rejecting 61.8% Fib Level.
  • Approaching bearish trendline .
  • Would need to see wicks go beyond resistance to accumulate more buyers, then price to close back into the range.
  • Bearish reversal candlestick patterns our final confirmation on this time frame.

15 Minute
  • Consolidating between 0.9940 - 0.9955
  • A close beneath the micro support (0.9940) on 15 Minute/1 Hour, followed by a pullback and bearish candlestick pattern would confirm a sell.
  • Price could rapidly shoot up near relative resistance to accumulate buy orders then show exhaustion on 1H/4H timeframe. Sells following liquidity capture would be key.
  • Rejecting 71% Fib Level.


You thinking it'll still break down from here? I'm trapped in a short and doubting whether I should close before my SL is hit. It's been looking weak for weeks but for some reason price keeps rising :/
Responder
thank you.
+1 Responder
@Nancype, my pleasure!
Responder
Nice analysis.. thanks for sharing
+1 Responder
@hardkandy, anytime! More breakdowns like this coming!
Responder
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