Gbp/chf

[Mysticforex 13]

Here's my setup on the GBP/CHF...

5M TF Price has been away from the 800 SMA for more than 2 standard deviations.

A candle close abobe the TL will signal a buy for me. TP, the 800 SMA 100 pips above ( and just above R3. Remeber what I said about G/C and R3, S3 ).

Support so far today is at S2, I have a feeling that we will see S3 before R3 though.

[Mysticforex 13]

TP hit @ R3 + 63 Pis.

 

[Mysticforex 13]

I got out of this one WAAYYY too early.

Not only did it blast thru R3, but also the 800 SMA and the WP.

Last weeks Mised Weekly Pivot anyone?

@15449

[Mysticforex 13]

Today I am interested in the GBP/CHF.

 

Click here to watch video.

 

 

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[Mysticforex 13]

Stopped out @14844 -100pips.

 

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[michaelhyatt 10]

Hello MysticForex just wanted to say thanks to you for sharing your knowledge and bringing some fresh ideas to the table. I enjoy reading your insightful posts especially the gbp/chf as I've pretty much moved away from the euro and more into gbp/chf & gbp/usd.

 

Thanks and I hope to read more observations and strategies from your posts.

[Mysticforex 13]

This setup has historically been a very nice producer. It's called a "Squeeze Box".

GBP/CHF has been range bound for some time in the current area.

I would like to see a breakout, to the upside, a CLOSE above the red dashed line on 30M TF.

For targets we have missed Daily and Weekly pivots all over the place. My short term target would be this week's Weekly Pivot @14675... Then last week's Missed Weekly Pivot @ 14950.

 

PS: We hit R3 Today!

Edited April 18, 2011 by Mysticforex

[Mysticforex 13]

GBP/CHF has indeed broken up out of the range and just kissed the 800 SMA on 15M TF, and the Weekly Pivot.

[Mysticforex 13]

We are at a key area of resistance on the gbp/chf...

[Mysticforex 13]

This is the GBP/CHF. A cross know for long times of consolidation , followed by times of extreme volatility.

I have it zoomed way out in order to get as much time as possible displayed. Looking closely, you will see Orange dashes, and blue dashes. The Orange are the Weekly Pivot Points, and the Blue are the Daily Pivot points. We are going to start with the Weekly Pivots,

The Daily Pivots ( Blue ) will be covered at a later date.

We have managed to display 73 weeks of data here. Of 73 weeks, only twice has price not

hit the WP, ( Weekly Pivot ) , indicated by the arrows. That's a pretty high percentage, over 90% ( if I recall, the last time someone I know ran the nubers it was 92.7 % ).

 

In the following posts, we will talk about how this knowledge can be used to our benefit.

 

 

Here's the Chart:

[Mysticforex 13]

We are at a key area of resistance on the gbp/chf...

 

 

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very Nice.

[Obsidian 10]

my ichimoku point of view

(4H to identify trends, 30M to go in)

[Mysticforex 13]

The weekly Pivots are usually hit early in the week. This weeks has already been hit.

For the next 4 weeks I will plot the WP on Sun Evening when the Market opens (EST).

If price opens on, or within 30 pips of the pivot, there is no trade.

 

If price is more then 50 pips from the WP, I will place an entry order toward the WP from 30 pips out. If price moves away from the WP, I will change the entry oder to 50 pips out, once price is100 or more pips away.

 

TP will always be the WP, S/L will always be 30 pips.

 

 

After 4 weeks you should be getting the idea of it and we will start looking for ways to use the Daily Pivots.

[Mysticforex 13]

Former resistance becomes new support.

[Mysticforex 13]

Sorry for the delay in posting, I was delayed getting home from a weekend trip.

 

 

GBP/CHF opened within 50 pips of the Weekly Pivot, so we would not have entered a position. It immediately went to Sunday's Daily Pivot, then down to Mon's Daily Pivot, Then up and thru the Weekly Pivot, which is @14927.

For the rest of the week we will watch the Daily Pivot, with the exception of Friday which is NFP.

[Mysticforex 13]

And . . . right back to old resistance.

 

Not a good week for trading Pivots though, opening right on top of them, none missed.

[Mysticforex 13]

This week we are in play.

 

I have the Weekly Pivot @ 15068, so, I will be placing a Sell order @15098 to TP at the Pivot.

[Obsidian 10]

sound like a good plan

[Mysticforex 13]

Generally, a Pivot is valid for 3 time periods. So, a Dailey Pivot is good for 3 days, and a Weekly Pivot is good for 3 weeks.

 

Last week's pivot was not hit and is still valid. Entry is the same as described in an earlier post.

We also have this's weeks pivot @15224. If they open I would treat these as 2 seperate trades.