EURCHF long for 5th wave after 4th wave corrective pullback
Analysis:
I've seen EURCHF in the process of completing its 3rd wave of wave 5
Hypothesis:
I am looking for a wave 4 pullback to the purple reversal zone where I have indicated by the blue arrows.
The wave 4 pullback should show itself as a corrective fall (abc pattern or abcde pattern into our buy zone)
If it is too sharp of a fall, then I will not participate in the long side.
A bounce at our level after a a corrective fall should produce a impulsive wave higher from our area and create its wave 5.
Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.
I've seen EURCHF in the process of completing its 3rd wave of wave 5
Hypothesis:
I am looking for a wave 4 pullback to the purple reversal zone where I have indicated by the blue arrows.
The wave 4 pullback should show itself as a corrective fall (abc pattern or abcde pattern into our buy zone)
If it is too sharp of a fall, then I will not participate in the long side.
A bounce at our level after a a corrective fall should produce a impulsive wave higher from our area and create its wave 5.
Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.