CHFHUF a long opportunity 🦐CHFHUF after the triple top over the 334.500 level broke below until the daily support at 328.300.
The market created a double bottom and after a first impulse is now creating a 2ns one.
At the retest of the structure, we can set a nice long order according to Plancton's strategy.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
CHFHUF trade ideas
CHFHUF: Short opportunity of the parabolic rise.The pair has been trading on a steady Higher Low bullish sequence on the 1D chart (RSI = 64.877, MACD = 4.886, ADX = 60.426) since 2019. Recently however it has entered a strong parabolic rise that is currently consolidating. Typically this is a sign of exhaustion and the MACD has already started to roll downwards. We are aiming on a 0.500 Fibonacci retracement at least with 320.00 as our TP.
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CHFHUF: Mid/ Long-term Bullish Targets.The pair is trading on a strong 1D bearish leg (RSI = 37.148, MACD = -1.594, Highs/Lows = -0.8378) that has rebounded on the pivotal 30.000 RSI level. Based on CHFHUF's past price action on that level, we are expecting a medium term rebound to 305.000. On the long term, assuming the Support from the previous Monthly High holds (as it has done since 2018), we are expecting 309.500.
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CHFHUF Head and Shoulders Forming at Major Resistance?On the 1hr chart it looks like CHFHUF is forming a Head and Shoulder pattern, what would confirm a reversal at the resistance shown on the right daily chart .
A strong resistance on the right daily is tested with the head of this potentially H&S .
The combination of these makes this a great R:R trade to try, even if this is not forming an H&S there is still this strong resistance for backup.
Thanks for reading and feedback is welcome!
Wesley
CHFHUF: 1W Channel Up. Potential for new High.The price has been trading within a 1W Channel Up (RSI = 59.050, MACD = 2.419, B/BP = 4.6780) and has just priced a Higher Low (Highs/Lows = 0.0000). A moderate long TP is the previous Higher High at 292.380. A riskier TP is a new Higher High at 296.380.
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Target hit. Channel Up continuation. Long.TP = 286.634 as CHFHUF extended the gains on the 1D Channel Up (RSI = 58.041, MACD = 1.231, B/BP 1.4290) to a 292.000 Higher High. After continuous Higher Lows (Highs/Lows = 0.0000), we expect a narrower Rising Wedge to approach a peak, so we are long again, TP = 295.175.