eurchf formed a double top and is about to pullback into the .618 where structure lies. move up has been rather corrective on eurchf. we can look into a breakout some time next week. i had posted a daily chart for the eurchf sell off a few weeks ago, i am expecting this 1 hour structure to give us the trade. tp 4 is my daily chart trade setup analysis you can get the link in the related ideas.
short eurchf
-2.618 setup
- overbought RSI approaching 61.8%
-RSI divergence
-correctional pattern (continuation)
entry: 1.08800
sl:1.09055 (78.6)
tp1:1.07890 (100%)
tp2:1.07487 (1.27 ext)
tp3:1.06975 (1.618 ext)
tp4:1.03975 (daily chart tp)
risk: 25 pips
potencial gain: aprox. 480 pips
i will short the 61.8 and will add positions if the lower tf counter trend line breaks
short eurchf
-2.618 setup
- overbought RSI approaching 61.8%
-RSI divergence
-correctional pattern (continuation)
entry: 1.08800
sl:1.09055 (78.6)
tp1:1.07890 (100%)
tp2:1.07487 (1.27 ext)
tp3:1.06975 (1.618 ext)
tp4:1.03975 (daily chart tp)
risk: 25 pips
potencial gain: aprox. 480 pips
i will short the 61.8 and will add positions if the lower tf counter trend line breaks
Comment:
price action is starting to show bearish
David K Giraldo
p.s. i apologize for the published chart looking so bad. you can scale the chart to see the idea better.