EURCHF - Update on Short Opportunities
Following the amazing trade we published on this pair (www.tradingview.com/...ily-Timeframe-Short/), we have noticed that the pair retraced of quite a percentage of it's previous movement. More in detail, after it's previous upwards impulse, the pair has gone through a slightly complex ABC correction in which, as happens often on certain pairs and in particular the crosses with the Swiss Franc, the price has spiked up quite impulsively, in this case retracing all the way to the 0.786 Fib level.
We believe that the correction might be now over, hence we will be looking into adding new sell positions on this pair.
From now on therefore, we will be looking for sell setups, on this pair: watch out for ending diagonal formations and other price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the downside, wait for a small correction of said impulse on the 60min timeframe, and sell the break of said correction with a stop loss above it.
Let us remind you that, in the bigger picture of the weekly timeframe, we are in wave 4 of the wave count, correcting to the downside, and the expected target area can reach the 1.14 level, making this a trade with an excellent R/R ratio.
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.
We believe that the correction might be now over, hence we will be looking into adding new sell positions on this pair.
From now on therefore, we will be looking for sell setups, on this pair: watch out for ending diagonal formations and other price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the downside, wait for a small correction of said impulse on the 60min timeframe, and sell the break of said correction with a stop loss above it.
Let us remind you that, in the bigger picture of the weekly timeframe, we are in wave 4 of the wave count, correcting to the downside, and the expected target area can reach the 1.14 level, making this a trade with an excellent R/R ratio.
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.
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