EURCHF’s aggressive corrective down wave started on May 27 may have been completed already after taking liquidity below the April 18-19 scam wick. Price reversal awaits.

As a result, my June 12 long trade plan has exited in another loss after holding for 1 days and 23 hours:

https://www.finlogix.com/analysis/20240612/eurchf-intraday-analysis-and-trading-plan-for-june-12-2024

A 4 straight loss with a zero win overall record.

There are 3 high impact economic reports to be released in Switzerland by Thursday while 4 in Europe on Friday.

Re-assessing EURCHF’s high timeframe candles:

Yearly Candle: Last check is a Green Body with a Longer Head Wick now a Green Long Upper Shadow

Monthly Candle: Still a Red Body since last check but with a Longer Head Wick

Weekly Candle: Previous close is a Red Body with a Longer Head Wick current is a Red Semi Gravestone Doji

Daily Candle: Previous close is a Green Long Upper Shadow with a Medium Body current is a Red Body with a Longer Head Wick

Note: I’m using Tradingview.com under the EURCHF pair in FXCM Exchange to thoroughly re-assess these high timeframe candles.

We can see a complete swing high to low move from May 27 to June 14 as our retracement points of view for today.

The aggressive down wave looks finished after successfully taking down all the sell side liquidity levels residing below the April 18-19 scam wick’s territory.

The scam wick territory has also been confirmed as an immediate supply area in yesterday’s rally.

Key note here is that the December 2023 highs order block has been flipped into a support zone and price is getting for an upward reversal probably by July.

I still like to open a long position with a stop loss at 0.94 level only after the previous trade’s failure.

It’s good entering at current levels as these are good flipped buy zone areas already.

If successful, I will put the take profit level at the retracement points of view’s 50% fib level for a decent 2 risk:reward ratio.

With a small 1.38 RRR only, I need this trade to be a winner to end my 3 loss streak.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

EURCHF Intraday Analysis and Trading Plan For June 18, 2024

Jun 18 2024

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