14 February 2012

USD/CHF : Short @ 0.9183

  • Initiated fresh short @ 0.9183 today.
  • Monthly : Big down. Upmove = retracement, over?
  • Weekly : Completion of clear 5-wave up. Re-entry below 0.9326 NL = sell signal which I missed whilst busy with other markets. Most recent 3 weeks' price action looks like a bear flag. Expect a return to 0.8568.
  • Daily : Double top. Sell signal formed when it first broke below 0.9300 NL.
  • Keeping this really small to reserve room to add on if ever we return to the necklines (0.9326 and 0.9300). I want to be adding on with confidence then instead of scrambling to get out.

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