ddreamz
Short

EUR/CHF ascending wedge

FX:EURCHF   Euro / Swiss Franc
- Ascending wedge
- Sellers are getting momentum

Looking to sell this pair but I need to see one last attempt to go higher since the previous movement is quite strong.
Trade closed: target reached

Comments

There a was huge sell off today. You still expect a rally to 1.17ish?
Reply
ddreamz LotusTrading20
@LotusTrading20, Yep. I can explain my logic but you are not supposed to trade it that way.
Today's selloff is ok. But to me it doesn't mean much judging from the last movement ... it is something like a 40-50% retracement.
This makes me think the majority of the people will be still buying this (higher high / pull back to support bla bla bla).
So I expect either a some kind of an upside wick or really slow upside move in few candles and then big sell off.

As I said, this is my way of entering. You always can pull the trigger if you think it is the right time.


Reply
@ddreamz, i pulled this morning already and was thinking to cover or let it run still... now i ve closed my shorts and very happy for the day. I agree with you this has been too strong a pair, it's hard to know exactly what's coming, correction is due for a while... We're not just top of the channel in this time frame but as well in weekly chart from 2015 lows uptrend channel. At some point enough is enough. I was expecting today to be the big day. It was, even tough it was a good day :D Will need to pay close attention in order to still get chance for the most likely upcoming huge sell off in ghis pair. Goid luck.
Reply
ddreamz LotusTrading20
@LotusTrading20, less is more! Good luck to you, too.
Reply
@ddreamz, the catch is always when to enter... We may see it grinding up without even touching the trendline or it may push still before falling... Around 1.1710/1.17120 or even a litle higher...
Reply
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