GBP/CHF: Short from the trendline, wave count attempt...
Going short at market based on trendline and possible resistance around 1.5500. I also noticed that the recent high was exactly at the 61.8% projection of the previous impulse up (labeled A-B and WX on the chart) which is extra confirmation for me that the triangle will likely be respected.
Short GBP is also in line with my current GBP/NZD short (allthough CHF has been quite weak the past week).
Feel free to comment or criticize my wave count, I am here to learn and will appreciate any input!!
Even if my wave cunt is wrong this doesn't affect the structures and patterns on the chart.
For those who like to have more certainty: sell the breakout of the "up" trendline for a lower risk trade!
A possible long may eventually be the result, if the lower triangle trendline holds.
I am not yet putting in orders for this but will keep it in mind since it could be the start of a possible big up move to come. If it breaks to the downside I will sell into it.
If my SL on the current short is hit I will be looking to go long with a possible AB=CD pattern in mind (not shown in the chart) with the A-B / W-X from this chart as my AB-leg and the C/Z from this chart as my C-point of the possible AB=CD pattern.
Short GBP is also in line with my current GBP/NZD short (allthough CHF has been quite weak the past week).
Feel free to comment or criticize my wave count, I am here to learn and will appreciate any input!!
Even if my wave cunt is wrong this doesn't affect the structures and patterns on the chart.
For those who like to have more certainty: sell the breakout of the "up" trendline for a lower risk trade!
A possible long may eventually be the result, if the lower triangle trendline holds.
I am not yet putting in orders for this but will keep it in mind since it could be the start of a possible big up move to come. If it breaks to the downside I will sell into it.
If my SL on the current short is hit I will be looking to go long with a possible AB=CD pattern in mind (not shown in the chart) with the A-B / W-X from this chart as my AB-leg and the C/Z from this chart as my C-point of the possible AB=CD pattern.
Trade active:
Almost reached TP1, SL at BE
Trade closed: target reached:
Wow, huge move due to the news of today, all targets met!!
