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nelsyboy
Apr 14, 2020 5:09 PM

SELL GBP/CHF Short

FX:GBPCHF1D
British Pound/Swiss FrancFXCM

Description

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Mini 5 wave pattern ending with spinning top candle at price of Doji candle on 10th March.

Trade active

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It has been a little static but still convinced a SELL. Friday being 8th and final day on wave 5 up. Wave A retrace begins.
Chart Patterns
Comments
abdijama85
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Can I please know the indicator you are using.? And what the numbers mean?
nelsyboy
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@abdijama85, Hi there. I only trade on the daily charts and use just a 5 period simple moving average. The pattern I put on the chart was based on Elliott Wave Theory. That is 5 waves up or down followed by retrace ABC. This was just a mini wave pattern and as the move up appeared to be running out of legs and finished with a candle that indicated that could be the end of the upward move.
abdijama85
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@nelsyboy, thanks for the swift reply. Did you place the counting manually or its an indicator?
nelsyboy
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@abdijama85, I just place the counting manually.
nelsyboy
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@abdijama85, Look into Elliott Wave Theory. Just the basic rules. Nothing too involved.
abdijama85
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@nelsyboy, I looked into it some time ago.. The five waves are recognisable on the daily.. I followed you. Thanks
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