USDCHF - Catch This 500pip Trade!
USDCHF is currently in a 5 wave impulse. Elliott wave theory suggests that if wave 2 is a simple correction, it is likely that wave 4 will be somewhat complex.
From the looks of things, we are seeing an expanded correction for wave 4. We are expecting wave C to complete at the local highs where we got the 0.5 fibonacci.
Trade Idea:
- Watch for wave C completion at the recent highs
- Watch for a trend reversal via trendline break, BOS etc
- once reversal is confirmed, enter with stops above correction or above wave 4 invalidation
- Targets: 0.844 (300pips), 0.825 (500pips), Taper thereafter
Goodluck and as always, trade safe!
From the looks of things, we are seeing an expanded correction for wave 4. We are expecting wave C to complete at the local highs where we got the 0.5 fibonacci.
Trade Idea:
- Watch for wave C completion at the recent highs
- Watch for a trend reversal via trendline break, BOS etc
- once reversal is confirmed, enter with stops above correction or above wave 4 invalidation
- Targets: 0.844 (300pips), 0.825 (500pips), Taper thereafter
Goodluck and as always, trade safe!
Want more chart ups like this? Click the links below:
Forex: t.me/Wicktator
Crypto: t.me/Crypto_Wick
Forex VIP: t.me/WicktatatorVIP_bot
Forex: t.me/Wicktator
Crypto: t.me/Crypto_Wick
Forex VIP: t.me/WicktatatorVIP_bot
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.