Skeptic | EURCHF: Trend Strength or Weakness? Trade SetupsWelcome back, guys! 👋I'm Skeptic.
Today, I’m bringing you a multi-time frame analysis of EURCHF , including both long and short triggers, along with a few educational tips. Let's dive in!
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🕰️ Daily Time Frame Analysis:
After a solid accumulation phase and breaking above resistance, we've successfully shifted the trend to uptrend . Given the major trend direction, it's better to focus on long positions .
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⏳ 4-Hour Time Frame Analysis:
Following the uptrend, we've formed a bullish ascending triangle, indicating a potential continuation. You might think that the RSI downtrend signals trend weakness, but here’s the key point:
- Lack of follow-through on the downside shows trend strengt h. If it was genuine weakness, we’d have seen a sharp downward move already.
This makes the bias towards long positions stronger .
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🚀 Long Setup:
After breaking the resistance at 0.9649 7, we can consider a long position. A breakout of the RSI trendline to the upside would be an extra confirmation.
📉 Short Setup:
To go short, we first need a breakdown from the ascending triangle, followed by a break below the key support at 0.95726.
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🎯 Target Setting:
You can use the height of the triangle or your own support/resistance levels to set targets. I’m not here to tell you where to place your stop loss or take profit since that heavily depends on your strategy, stop size, and R/R ratio.
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💬 Final Thoughts:
I always provide the key levels and setups, but it's up to you to adapt them to your own strategy.
Thanks for sticking around until the end of this analysis.
See you on the next one!💪🔥
