Right you are about 4600+ resistance. I don't follow futures. Is it recommended and what are the best references? Eur/U continues to show a less than ideal pattern. The U/CHF shows clearer sign of probably trend up but I wouldn't consider entering until after a drop to the 1050 area first. Target on U/CHF would then be about 50 pips higher conservatively, at about 1110 level.
And I don't follow fx cash. However, there is no difference between the two except some regulatory aspects and the marginal price differential. Prob is reading/listening to anything to do with for example the Swiss, which in the futures is quoted the other way around, so CHF/USD. I trade in a prop company, so simply that's the reason for futures. Personally I feel that the Swiss is just in a corrective phase of it's uptrend (futures) or in your case downtrend. I just got partially long yesterday and will buy again at slightly lower levels looking for a run to the highs again. I'll be super quick to cut though if I don't get signs of some follow through off my levels. But, whilst nothing is ever easy, 50 pips out of a trade is feasible no matter what the prevailing trend vs current short term trend, so you have to trade your levels/systems. Aus$ is looking good for a run higher too.
O.K., thanks. Still polishing my system although have it descided in theory. The EUR has become clearer as it breaks up and away, took longer than I thought so began to wonder if it wouldn't given that the pattern was less than ideal prior to recent ascent. At this time the breakout target area has almost been reached and had I been in trade I'd have taken a partial position off at 4625 about 15 pips short of likely target. I still prefer to be a bit shy as I've missed by waiting for ideals in past. Re futures, I'll have to work at wrapping the mind around it all. As a technical trader primarily, I think the Forex analysis should be transferable to Indicies, Commodities etc. Forex is pretty fast paced at times so I don't yet know how other markets are for speed however I do like the Forex volitility. Right now I'm thinking that the U/CAD may be ready for a bounce up at 9950ish however will wait and see if it drops slightly lower first and then go with short stop, target at 1.000 area .
I use pretty much the same analysis/techniques for everything. A slight tweek here and there but that's all. Not sure I fully understand you aim in the CAD. It's very confusing with the prices inverse. From the futures perspective, it's looking good for an upside continuation now with a retest of the highs. I am a buyer on any dips just below parity.
Buy entry has moved from an earlier drop expectancy of about 1050 to about 1025-30 if it gets there. The larger Elliot Wave pattern and other indicators favour a further swing up with target of above 1100. I think that one can use a 15-20 pip stop and expect a 60 pip reward with a RRR of about 3:1 conservatively.-
On larger scale I concur with your AUD trend continuation however will need to study that one a bit more to determine if it's ready for further pullback. As of now though I'm off for some rest. Regards
On a 1 hour 30 day chart it may tend to hit resistance above 9050. Needs more due diligence on my part though. Noting that the GBP/CHF bears a look at 2.1748 as it may not drop much more before bouncing back up. Off for sure now.
At this time it appears that the CHF has failed its Elliot Wave patter up on a larger scale(1hour/30day) and seems a confirmed downtrend now. I suspected it would reach higher first but seems to be a truncated C of ABC up. Now the larger Swing apears down and despite smaller corrective upward bounces generall expectation at this point is for it to work towards 1.0800
From last night... "Noting that the GBP/CHF bears a look at 2.1748 as it may not drop much more before bouncing back up. " There was a 30+ pip bounce up from aforementioned price before the large descent. Isn't it amazing what can happen while asleep? Missed catching the GBP/CHF today at below 2.1600 for target of 2.1645 so will watch for possible sell at higher price as downtrend will likely resume after correction presenting at least a bouncepoint to try for a downtrend resumption towards 2.1550
So down it came, further than the conservative target... I missed the bounce this a.m. however still think it will come down again so will watch for another low entry as the rebound up should be significant. Will catch confirmed uptrend if lower low doesn't happen. Was AFK for the uptrend today but sold the U/CAD at 1.0102 expecting a bounce down with conservative target of 1.0058 stops now near 0 as news was quite negatory for the CAD.