USDCNH trade ideas
USDCHN AnalyticsA shift sentiment is evident given these current market conditions. It's highly plausible that USDCHN will continue to build upward momentum as price may shape a new bullish Elliot wave. It is paramount to understand that the shaping of this pair is logarithmic in nature.
USD CNH BUY (US DOLLAR - CHINESE YUAN)Hi there. Price is forming a reversal pattern to change its direction.
Wait for the price to form the first impulsive move, then wait for the price to form a continuation pattern and watch strong price action for buy.
More downside for USDCNHI made 2 mistakes in this trade :
1. Trying to outsmart the market by predicting the next move (see trade post here )
While my loss is small, it is NOT a loss that needs to be made in the first place.
2. Emotions run amok - I adjusted once more in my stop loss, furthering my losses instead of letting it go.
So based on these two mistakes, I was wrong. Wrong because I failed to follow my own trend line rules. Wrong because I adjusted the stop loss, hoping (not a strategy) it will reverse sooner than later. I was afraid to have a sore point in my portfolio of greens. Argh, some ego there , huh ?
Fortunately, I wake up to my senses and immediately cut my 2nd losses to contain the damage. I will find an opportunity to short this pair later and obey the trade rules again.
The beauty of writing a journal entry like this is to acknowledge your mistakes, review what went wrong and rectify it immediately. I am sorry if anyone had followed this trade post and made some losses.
USD/CNH Can Plummet FurtherThis has been plummeting for the best part of a year. It recently broke another support and is now retesting it as resistance. If we see MACD turn lower and EMA's do not cross higher then this should continue down to the next supports.
Keep in mind this has been oversold on RSI since September so don't be too overconfident as there is always the chance of a correction.
I have marked out 3 levels where to expect support so these can be the targets.
TP 1 - 6.38367
TP 2 - 6.31515
TP 3 - 6.23602
Once this turns SL can be added just above the resistance.
LONG COMING UPLOOK TO BUY AS WE WILL GET SOME DOLLAR STRENGTH
7 YEAR OLD TREND LINE HISTORY IS LOOKING TO REPEAT ITS SELF
TRADE ACCORDING TO YOUR TRADING STYLE AND LOOK FOR ENTRY!
USDCNH a turn at the 0.618? 🦐USDCNH after the last bearish impulse retraced until the 0.618 Fibonacci level.
The price is now testing the support over a trendline and if the market will break below, we can set a nice short order opportunity.
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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.
USDCNH Bullish ForecastThe first and nearest for this one is 6.49060
I see ABC pattern and it looks bullish at 41.68-RSI
The bias is 6.53746 for USDCNH, H4
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Khiwe
At this profile page, the shared analysis, ideas and also, the strategy of a chart belong to Khiwe with some being influenced. The technical set-ups are speculative, they are not guaranteed for accuracy or in completeness in the form of any content; -it is not to advice on financial markets. Please apply your own analysis and confirm it with price action.
USDCNH ANALYSISUSDCNH retested broken uptrendline
Price rejected from 50% Fibonacci level at 6.4768
Price is based below HVN at level 6.4670 which indicates that pair is in distribution phase
Below SMA 100
MACD shows start of bearish momentum
It's expected to target key level at 6.4389
USD/CNH Time for Big CorrectionWorth keeping an eye on this. Looking on monthly and weekly timeframes this has plummeted hugely, at some point there will be a correction. It has levelled off recently so there may be an opportunity now. To enter this I would like to see the price rise above the most recent resistance marked with the blue rectangle, if the price then holds here as a support a long can be entered with SL just below support and a TP at 0.382 Fibonacci which is around 6.67000. This also aligns with a support area in Feb/March/April 2019.
Bullish Cypher (M)Hitting the first take profit level at 2R confirmed the Weekly Bearish Deep Crab.
Price completed the reversal of the trend by breaking below the pattern:-
Price is now over-extended leading to the potential for the Bulls to take control in the short term using the Structure of the Cypher pattern.
USD/CNH : 🔥 PRICE ACTION ON DAILY TMF + BAT PATTERN 🔔Welcome back Traders, Investors and Community!
Analysis of #USDCNH
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Strategy: Price action On H4 timeframe + Bat pattern - We will be waiting for all the confirmations to enter in this trade.
A clear chart is Always the best business card for a trader.
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Your support and feedback will always welcome
Thank you for your time.
The information contained herein is not intended to be a source of advice or credit analysis
Regards,
Walter
USDCNH short term downtrend weakensFrom the daily perspective, downtrend is definitely weakening with higher low formed.
Some highlights are as below:
1. The power transfer in the US was in peace which removed the political uncertainty factor. That benefit dollar in my opinion.
2. CNH has been up too much against the greenback for the past year and Chinese government may not prefer. That hurt the export business.
3. Refer to my technical analysis in the chart.
This is in line with my view regarding DXY below. The two ideas are confluence with each other.
USDCNHThere has been huge bearish momentum with Usdcnh due to top political uncertainty and the pandemic
However, I'm forecasting that the selling pressure will begin to ease and reveal a potential upside for the pair
I would monitor the pair and wait until the bullish trend emerges and ride it to the key levels
Be aware that it could potentially form a consolidation period due to the fact that it looks to be within a channel range.
USD CNH SELL POSITIONUSD CNH Following USD CAD with the same chart structure and loss of buying volume
