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EUR/CHF to Resume Uptrend at 1.2154?

Last updated 9/27/2011 8:06 PM EST (GMT -5) 0 Comments - Add your comment

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Bradley W. Gareiss

Technical Analyst, GFT

A new bullish Gartley pattern is currently forming on the EUR/CHF 15min Chart below.  The trade has solid price symmetry, and the time symmetry looks good as well.  In addition to a Gartley pattern, this would be a double bottom.  The trade idea would also enter within the context of a recent uptrend.  This trade would be invalidated if it rises to 1.2207 before entering.

We are looking to buy the EUR/CHF if it falls to 1.2154 (Point D).  Point D is located at the convergence of the following points:

To recap, we will look to buy the EUR/CHF at 1.2154 with our stop placed at 1.2136.  Our initial profit target is 1.2187 (61.8% of CD).

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  • 8hr Chart - Trade would enter within the context of a general uptrend.
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  • 15min Chart - Bullish Gartley; buy at 1.2154.

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