EURCHF - Overview on Daily Timeframe - Short
As wave 3 is coming to an end, we can clearly see that it's subdivision in a smaller degree pattern, in it's 5th wave, has taken the shape of a distinctive ending diagonal: one of our favorite patterns to trade. Typically, in fact, an ending diagonal will be "broken" with an abrupt impulsive movement in the opposite direction of the movement that is gradually dying out, making it an ideal setup for buy (or sell) stop orders with an optimal R/R ratio.
What interests us now, hence, is finding a good sell setup to enter the coming short trade, which has a huge potential.
Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
What interests us now, hence, is finding a good sell setup to enter the coming short trade, which has a huge potential.
Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Comment:
Waves iv and v were misplaced, in the chart. Obviously they are to be placed as wave v lower than wave iii and wave 5 high up at the end of the movement. Apologies for the misplacement.
Comment:
As per our analysis above, the minor wave 5 could be completed, and the downside commencing as of now.