FX:USDCHF   U.S. Dollar/Swiss Franc
384 1 14
USDCHF             is finally correcting but so far not impulsively enough for me. This current leg should take out 1.0066 before making a consolidation. If it doesn't do that by means of the current bearish leg the odds are that USDCHF             will reverse to make a new high. So my plan will be to wait and see whether this break below 1.0066 happens. If it does I'll wait for a consolidation and sell the continuation.

This might sound conservative but the market offers many instruments and I can wait for one of them to unfold the way I want because that increases my success-ratio and profit factor.

Have a nice weekend!
Comment: This pair gave us a perfect example that there is more in trading than just support/resistance, structure or whatever strategy you use. It is about the bigger picture and finding confluence between the relevant variables. Although struture showed a potential move lower we could see based on other variables that this might just not be the case. No trading or analyzing strategy works 100% so that's why I combine several strategies understanding the weight of each approach.

In terms of trading, the move lower seems corrective but can still make another leg lower (ABC with wave B in progress at the moment). However I trade what I see and so far the last leg higher looks impulsive and if this will be followed by a consolidation we should be looking for a buy continuation trade. If we reverse sharp out of this price zone, we simply wait for the next minor consolidation (smaller time frames like 15min are leading for these intra day moves that might result in the real move).

Safe trades!
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Comment: ABC scenario seems active although not confirmed yet. Watch for consolidation for a sell.
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Great analysis .. thank you :)
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