FX:GBPCHF   British Pound/Swiss Franc
398 8 18
Long on Wolfe Wave . Buying GBP in the current situation when there is a lot of hoopla about BREXIT is not a wise idea. But if at all it can buy then it should be again EURO             since both currencies belong to Europe & both will be getting affected due to BREXIT. So which one is going to get affected more is the question, for that future holds the answer. Know the fundamentals but trade the technicals.
You've got bold expectations. I would take profit at your downsloping trendline. But who knows? As they say, luck favors the bold!
+1 Reply
FxSaint ForceFollower
Hello ForceFollower, I agree with what you say. My first target is also to the downwards slope. But as the pattern dictates, the price should reach at a line connecting 1 & 4 points.
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You've got it running higher! Anyway, I don't think it's going to break above your pivot 4: it's quite corrective in nature.
+1 Reply
FxSaint ForceFollower
I thought we collectively got it running higher :P Yes, me too not very comfortable with the way it went up. There is no visible strong momentum to the upside, it can turn anytime now. But we made some profit, congrats.
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Me, I went short at the trendline, took the profit and left it alone. Now I can see it has kept on climbing higher.
My strategy wouldn't have allowed me to go long GBP, because it's been the weakest currency of late. I was only looking for a good trading opportunity on the short side. :-)
But I'm with full respect for your strategy as well.
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FxSaint ForceFollower
Yes, GBP was weakest currency at the time of publishing this idea. As it stands now, it has worked well since I chose to trade it against CHF & EURO which too didnt had much strength. All this weakness is attributed to fundamental views arising due to BREXIT. I made calculated risk that BREXIT will not only impact GBP but also EURO, so went ahead with this idea. Generally, if there was no much fundamental attribution to the currencies, then it would have already reached the target, but now lets see. I m having tiny position as of now just to see if it hits the TP. Thank you for the appreciation :)
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Awesome! You are right.
+1 Reply
FxSaint Piet.Hein
Thank u Piet.
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