this morning i was expecting usdchf to make an impulse move up but after a failure to do so i decided to stay out. now come back and reevaluate whats going on and realize we are at the resistance of a daily channel. we got a nice forming. i will go short til blue line target. i believe this is a bigger correctional move to what might be a big breakout. an abc extended flat corection to be more specific. i am expecting c to line up inder a and to bounce somewhere in or a few pips under the blue boox i drew under my target. lets see how it plays and if prices go all the way.
Comment: was expecting a probable push up again which is why sl was above structure. we are seeing both bearish and bullish in RSI, however i will hold shorts and watch price action very carefully for any reversal or continuation patterns that may form on lower timeframes. this will give me the green or red light for this trade. i will keep updated. the move up to me seems more correctional than impulsive so thats why i will hold my position
Trade active: trade continues to be active. the spike up was rejected as expected. lets see the selloff
Comment: this idea is still valid just with a higher b point which also gives us a lower c