GBP:CHF Brief Analysis For 1st March 2012

GBP:CHF Brief Analysis For 1st March 2012

There is still very little to say in regards to high probability swing trading set-ups. Last Week it appeared that we might see some volatility back in the Markets to offer some new Swing set-ups, some of which I detailed over the Weekend did play out but I didn’t get positioned for any of them.

One thing I am keeping an eye on is GBP:CHF.

My previous 2 long entries didn’t yield results so it’s not a pair I have confidence in right now, but I think it’s worth keeping an eye on at current levels in view of a potential short entry.

The daily chart shows ‘brick wall’ resistance in the form of multiple converging MA’s not far above today’s high. Strong rejection from these MA’s could well provide a low risk short entry:

The 4 hourly chart shows a strong retrace to a previous congestion area and this combines with a decent Fibonacci retrace as well as the 4 hourly 200 MA that has previously offered good resistance but it has been tested too often over a short period of time to offer a convincing short entry without confirmation, because we just don’t know for sure which time price may break beyond the 200 MA and continue it’s rally:

Just to point out that I did enter a short position in this pair today that was triggered by a limit order I’d not got round to cancelling in time, but I doubt I’ll hold the position as a swing trade unless we see imminent weakness from here.

4 Comments
  • Pfizer (PFE) approaching daily low in weekly cycle | Wall Street Stocks
    Posted at 02:01h, 02 March

    […] counter-trends that don't appear on the daily chart but can be found on a shorter time-frame.Time is running out for the current daily downswing in PFE. I expect three more swings on the 15 min…At the moment $20.66 is the active support level and $20.81 is working as resistance. 60 MINUTE […]

  • RS2OOO
    Posted at 07:45h, 05 March

    Entered short at 1.4462

    Possible support on the 5 min chart at 1.4443 so will need a break of this level quickly as confirmation of the position. If solid support is found there I’ll close the position out.

  • RS2OOO
    Posted at 19:23h, 05 March

    Following above analysis I’ve entered short at 1.4462

    It’s a risky trade and I’m not overly comfortable with it but feel confident that if proven to be wrong I can exit the trade with minimal losses incurred.

  • RS2OOO
    Posted at 22:37h, 13 March

    Closed GBP:CHF swing short at 1.4509 for -47

    I thought it would be a great trade, but I’m not happy about todays price action and the rumours of further SNB intervention on Thursday.

    Might re-enter the position later in the Week, but for now, I’m fed up of great looking set-ups in GBP:CHF that begin to deliver, but then reverse hard from nowhere.