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FOREX Chart Of The Day: USDCHF Live Trade Update

#USDCHF continues to move higher in line with our expectations but could we add further positions?

Watch the video to learn more…
 

Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, head currency analyst. 

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In this video, we’re just going to go over the USD/CHF live trading position and see if we can have any add-ins on this move on the way up. 

 

So, just going to the weekly time frame, looking for the weekly to pull back. What we like about this market, in particular, is yes, we want to be buyers of the Dollar. But, essentially we have gone oversold. 

The market is very much extended to the downside. We’ve had a lot of consolidation recently and now starting to break higher. So, I’m expecting the market to rally to the upside. 

 

If we’re going to the daily time frame, looking for the market to retest these lows through here. 

So got a long way to go in order for this market to reach its full potential. But, we were down through here, starts below the lows.  Looking for that market to continue to the upside or probably just hit around about halfway earlier in the day. We’re expecting that market to continue now to the upside. 

 

If I go to the four-hour time frame, what I want to be looking for is some four-hour areas of support and resistance in order to be a buyer of the market again. 

What I’d like to do as well when I’m looking to trade, is looking for those four-hour pullbacks as you can see here. We hadn’t wanted recently. Again, I’ll map out that similar sort of area, or there’ll be a couple of areas that we could potentially keep an eye on if we wanted to add into the position. 

 

If I go and just put a zone through here, for instance like so and then pop a zone through here, these are a couple of zones I’d like to see the market re-test. 

This area here would be ideal, or if the market continues to extend to the upside, we may even get a pullback into this current area that the market is kind of shaping up to at the moment. But, if we get a close below, then I’m expecting a pull back a little bit further.

So, first up. If the market pulls back, I’d love to see retest these previous structure highs. Look for that long opportunity again, or if the market does extend, look for that continuation from this area here. The reason I like to look for continuations in trades I’m already in is because the one we want to be buyers of the market in the first place, two it helps us to extend our gains.

So, looking at this right now, we’re probably about one to one up. One way we can check that is I’ve adapted this Fibonacci tool through here.  Put the entry and the stop. So you can see just about here one to one okay, earlier today.

Now looking at that, that’s great. A lot of people would enjoy those returns just through there. However, if I was to buy the dips as it was going on the up on a lower time frame, I can extend my gains. So, that’s created a one-to-one there. 

 

But, if I was to look at the 15-minute and look at the buying opportunities at these levels. For instance, I could have had another nice move. For instance you can see this nice bullish pin candle in an oversold condition off of this level. If I bought that, put the stops below the lows there, I could have easily had a nice move through there.

So, if I just actually grab that fib tool and let’s say we bought that and we put our stop losses below the 200 moving average. So let’s say it was about 20 pip or so stop, you can see I would have had three to one gain in the day. That’s probably another six odd games through there.

I like to combo up the daily time frame with a 15-minute move as well which adds gains to our potential returns. I’m looking for the exact same thing in here. So, if the market does start trending back, can we get a similar move through there. Or if it extends, can we get a similar move through here. 

Thanks for watching this video update, and I’ll catch you in the next one.

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