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Trade Recommendation: CHF/INR

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The Swiss Franc/Indian Rupee (CHF/INR) pair launched its uptrend in September 2008 when it took out resistance of 40. The price action activated the double bottom reversal pattern on the weekly chart. This attracted breakout traders and trend followers who helped propel the market to as high as 82.594 in January 2015. In about six and a half years, the Swiss Franc grew by over 106% against the Indian Rupee.

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At this price level, the market was in overbought territory. Those who followed the trend started to take profits. The heavy selling pressure drove the pair to as low as 61.182 (A-wave) in March 2015. Even though the pair bounced, it created a lower high of 71.893 (B-wave) in August 2015.

The lower high should have killed the market’s momentum but CHF/INR is resilient. It responded by creating a bullish higher low setup of 63.655 (C-wave) in April 2017. The entry of bottom fishers at this level ignited a rally to another lower high of 69.793 (D-wave) in March 2018. At this point, it is apparent that the pair is consolidating for the next move up.

Technical analysis reveals that the Swiss Franc/Indian Rupee pair appears to be creating a symmetrical triangle pattern on the monthly chart. The formation points to the possibility that the market is in the latter stages of wave 4. If that’s the case, breakout from this pattern would spark the fifth and final wave up.

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The strategy is to bottom fish the market and buy as close to support of 65.5. As long as CHF/INR respects the support, it will have all the momentum it needs to move to our target of 82. Sell immediately because at that point, the market will most likely turn bearish.

The process may take more than six months.

Monthly Chart of CHF/INR

As of this writing, the Swiss Franc/Indian Rupee pair is trading at 68.106.

Summary of Strategy

Buy: Buy on dips as close to 65.5 as possible.

Target: 82

Stop: 63

 

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.7 stars on average, based on 168 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Trade Recommendation: POWR/BTC

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The Power Ledger/Bitcoin pair (POWR/BTC) bottomed out on March 18 at 0.000036 (A-wave). At this price level, the market was already flashing signs of reversal. First is the bullish divergence that can be spotted on the RSI. Second is the hammer candlestick on the daily chart that suggests the presence of buyers below 0.0000395.

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Bottom pickers who saw these signs entered the market. Their buying activity inspired a B-wave rally to 0.00006969 on April 24. Unfortunately for buyers at this level, 0.00006 is the 50% Fibonacci level and a firm resistance. This is where bottom fishers took profits, which sent the pair down to 0.00004344 on May 11 (C-wave).

When participants saw that the pair respected the 38.2% Fibonacci level, it ignited a D-wave rally that propelled POWR/BTC to 0.00006521 on May 16. Again, bears defended the 50% Fibonacci level but the price movement is telling us that their days may be numbered.

Technical analysis show that POWR/BTC is preparing to take out resistance of 0.00006. This would trigger the ascending triangle pattern on the daily chart. Instead of buying at the breakout point, you could minimize risk while maximizing your profits if you buy at the next possible higher low.

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The strategy is to bottom pick the market and buy as close to 0.0000486 as possible. This price point appears to be the new higher low or the tail end of the E-wave. As long as the market stays above this level, bulls have all the momentum they need to take out 0.00006 and move to our target of 0.00008.

The process can take less than a month.

Daily Chart of POWR/BTC on Binance

As of this writing, the Power Ledger/Bitcoin pair is trading at 0.000488 on Binance.

Summary of Strategy

Buy: As close to 0.0000486 as possible.

Target: 0.00008

Stop: 0.0000466

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.7 stars on average, based on 168 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Trade Recommendation: USDCAD

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Ransomware

This trade recommendation is setting up quickly and requires prompt attention.

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The Canadian Dollar (USDCAD) has a good setup to go long on a breakout above the swing high from last week’s closing move. The 3 Day Rolling Pivot Range (RPR) and the Weekly Pivot Range high level are providing near term support at the time of writing.

There are 2 indicators that I also use that are coinciding with the swing high level from last week. These are the Opening Range high/low (white dots) and the ‘A’ up line. Each of these levels closely associated, represent a key price area and where we will want to go long the market.

What confirms the long bias is the Daily Pivot Moving Averages turning up and crossing over.

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The longer term Pivot support levels are the 6 Day Rolling Pivot Range and the Monthly Pivot Range.

We must wait for confirmation however, and this will increase our chances of success if we buy on strength. Using the 60 minute chart we will want to buy on a breakout above the swing high level at 1.29110. This will confirm the market wants to move higher. Place the stop loss just below the 3 Day RPR and the profit targets stated below.

Entry Price: 1.29110
Stop Loss: 1.28620
Profit Targets: First profit target 1.29650. Second profit target is 1.2988. As the market moves higher on the breakout, trail a stop loss 30 pips until second profit target is hit.

Disclaimer: Disclaimer: The writer has no positions in the forex markets but does engage in short-term trading of forex and futures.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4 stars on average, based on 56 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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Trade Recommendation: CAD/PHP

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The Canadian Dollar/Philippine Peso (CAD/PHP) pair started to look bearish when it generated a lower high of 45.595 in April 2011. The downtrend was confirmed in October 2012 when the pair broke support of 42. This activated the double top reversal pattern on the monthly chart.

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The reversal triggered a selling frenzy that saw the market plummet to as low as 32.625 in January 2016. In about five years, the Canadian Dollar lost over 28% against the Philippine Peso.

At this price level, the pair was flashing reversal signals. A bullish divergence on the RSI can be spotted on the monthly chart. In addition, the monthly candle was a long hammer. This indicates the presence of bulls below 34. These signals attracted bottom fishers to enter the market. Their buying activity ignited a rally that pushed the pair to 42.222 in September 2017.

Interestingly, 42.20 is the 61.8% Fibonacci level. This indicates that this level is a firm resistance. As a result, the rally was met with a strong pullback that sent CAD/PHP down to 38.979 in December 2017. Bulls responded by making 38.979 a higher low. The setup gives us reason to expect that the pair is about to turn bullish soon.

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Technical analysis show that the Canadian Dollar/Philippine Peso pair is positioning to take out the 61.8% Fibonacci level as seen on two emerging patterns. The first one is the inverse head and shoulders pattern on the monthly chart. The second is the symmetrical triangle pattern on the monthly chart. Both reversal structures are conspiring to breach 42.20.

The strategy is to bottom pick the market and buy as close to 40 as possible to maximize returns and minimize risk. As long as the pair stays above 40, it has all the momentum it needs to take out 42.20 and climb to our target of 48.

The process may take more than six months.

Monthly Chart of CAD/PHP

As of this writing, the Canadian Dollar/Philippine Peso pair is trading at 40.557.

Summary of Strategy

Buy: Buy as close to 40 as possible.

Target: 48

Stop: 38.979

 

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.7 stars on average, based on 168 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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