dojitrader
Long

Ending Diagonals, Ending . . . ?

FX:USDCHF   U.S. Dollar/Swiss Franc
59 2 0
Seeking the end to what I see as Wave 2, we are at the point of no return.
These are not classic ED;s but, it is an appropriate way to end a Wave 2 swing.
Under EW rules wave 2 is allowed to retrace 100% of wave one - and we are there !
So, this is a very low risk trade with an immediate signal of this analysis being dead wrong.
(anything under wave 1 and this is an invalided trade idea)
Almost fits in with this chart: https://www.tradingview.com/e/WmR2GBRx/
which has the look of a washout.
If this is the start of a wave 3 then the final target is somewhere around .94.50/.9500.
What I like is the low risk to find out.
*of course I've been saying that all the way down these unceasing zig zags*
Perhaps now, such vigilance will be rewarded !!!
The good news is I was out @.8383 for a small loss.
The Bad News is I'm about to throw in the towel ---
So, that being the case, it's probably just about ready to rally.
Why, from a technical point of view, other than oversold, has me pretty much baffled.
Wave 2 cannot trade below wave 1 - corrective action on a larger degree is obviously in charge.
From an EW perspective you have to go out to a weekly chart to see this a still
a wave 2, but, from a larger point of view.
The market is buying Swiss Francs like something big is about to happen.
Why else ?
Keeping an eye on the chart for another set up worthy of my now being gun shy attitude !
Reply
where's my sharp reversal ???
It is not uncommon from an ending diagonal to see a sharp reversal, even if it falls right back to lower levels.
But, nothing !!!
I entered on the little hammer candlestick, 45 minutes into the open.
It's a small risk and immediate knowledge that this analysis is wrong --- but ---
I don't think I'll hold my breath *******
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