7 Dimension Analysis for USDCHF 🕛 Overview
😇 7 Dimension Analysis
Time Frame: Daily
1️⃣ Swing Structure: Bearish
🟢 Structure Behavior: Breakout from Sideways (BoS)
🟢 Swing Move: Corrective
🟢 Inducement: Pullback, with liquidity swept by the last candle
🟢 Pullback Count: 2nd pullback, suitable for entry
Extreme Order Block remains unmitigated
Time Frame Confluence: Daily, Weekly, and Monthly
🟢 Internal Structure: Bullish Choch observed
🟢 Support Resistance, Supply Demand, Accumulation/Distribution, and Discounted Premier are all consistent. A Trendline breakout serves as the initial signal for entry or exit. A monthly support breakout led to price consolidation in a range, followed by a buildup post-break, which did not seem to sustain. Notable traps include a lack of follow-through after the breakout.
🟢 Chart Patterns:
A reversal pattern in the form of a Double Bottom has appeared with a neckline break.
🟢 Candle Patterns:
Relevance is observed at top/bottom breakouts and ongoing support/resistance areas. They are less relevant in sideways movements. The most recent 6 to 10 candles are crucial, and players in a climax act as traps. Candle size, color frequency, and bull power during consolidation are all important factors.
A record session count with 6 consecutive back-to-back candles occurred, along with a Change in Guard pattern with engulfing candles. Various momentum patterns, including strict engulfing, engulfpin, and fakeout FOMO, have formed in the same area. A blended combo of 2/3 candle classic hammer is evident, and a Tower Bottom is potentially forming, pending confirmation from today's breakout.
3️⃣ Volume:
Big volumes are observed at the beginning or end of moves, while volume remains stable during the move. The breakout had no significant volume, but a massive volume was added in the range, indicating a potential reversal.
4️⃣ Momentum RSI:
🟢 Zone: The RSI is currently in a sideways zone.
🟢 Range Shift: Bearish to Sideways
🟢 Divergence: A regular 5-candle bullish divergence from the bottom indicates added strength in momentum.
🟢 Oversold Rejections: Count of 1
5️⃣ Volatility Bollinger Bands:
🟢 Middle Band: Resistance, with doji rejection requiring close monitoring.
🟢 Walking on the Band: Just finished this move; price may undergo a correction or reversal.
🟢 W Pattern: Initial formation is complete, and price could move towards the corrective target.
6️⃣ Strength ADX:
Bears are currently in power, but the appearance of the first curve in the trendline suggests a potential change.
7️⃣ Sentiment ROC:
The rate of change indicates that CHF is stronger than USD, suggesting a potential correction rather than a reversal based on all studies.
✔️ Entry Time Frame: H1
✅ Entry TF Structure: Bullish Choch
☑️ Current Move: Impulsive with valid hourly high
✔ Support Resistance Base: Not specified in the analysis.
☑️ Candles Behavior:
After a Record Session Count, back-to-back bullish longwick candles suggest bullish momentum for correction.
☑️ Final Comments: Consider buying for correction target.
💡 Decision: Buy
🚀 Entry: 0.8736
✋ Stop Loss: 0.8542
🎯 Take Profit: 0.8899
😊 Risk to Reward Ratio: 1:2
🕛 Expected Duration: 5 Days
Summary:
The analysis indicates a bearish swing structure with an impulsive corrective move and potential for a bullish Choch. Various chart patterns and candlestick formations, along with volume and momentum factors, suggest the possibility of a correction. A professional trader may consider a buy entry with appropriate risk management in place. The expected duration for the trade is 5 days, with a risk-to-reward ratio of 1:2.
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