IvanLabrie

USDCHF reaching exhaustion soon

FX:USDCHF   U.S. Dollar/Swiss Franc
708 14 5
In this chart we can see what appears to be an ending diagonal triangle or Wolfe Wave pattern forming as a signal of the market's exhaustion on the long side, which will call for a return to a more fair price level, and a continuation of the dominant trend eventually.
For now, I'll wait for entry signals in this turbulent market and watch how this geometry unfolds over time.
I defined some key level lines and price targets for point 5 and 5', and a potential 1-4 line target down.
Major props to both David Alcindor and Tim West, who've been a great help in trying to understand what the markets tell me.
Have a great weekend folks, cheers.
Ivan.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
snapshot
Reply
IvanLabrie TOP IvanLabrie
2 years ago
Price behaving as expected. We should see point 5' or 5'' materialize after this decline. Then a big drop towards the lower targets. Might be a good buy right now, look at intraday charts for setups.
Reply
IvanLabrie TOP IvanLabrie
2 years ago
Getting close to the target, bias is bullish for now, strong breakout ongoing...I'll long on a retrace (1.131 and 0.786 fib cluster from two key levels)
snapshot
Reply
IvanLabrie TOP IvanLabrie
2 years ago
This is a short term trade, the best move to take is the down move after the pattern completion though, keep that in mind. The fib levels I use I learned from David Alcindor, so props to him. The key levels are techniques learned from Tim West, make sure to visit his chatroom and try his indicator pack (it's really useful)
Reply
IvanLabrie TOP IvanLabrie
2 years ago
Took a long, but also shorted from the top of the trendline, 70 pips down and covered. Long running now.
Reply
IvanLabrie TOP IvanLabrie
2 years ago
snapshot
Got a sell stop below the level in the chart. Long stop is there too.
Reply
IvanLabrie TOP IvanLabrie
2 years ago
Opened a short with a stop above 0.9783, target is the options line below: 0.958
Reply
IvanLabrie TOP IvanLabrie
2 years ago
Will close half and move stop to break even then.
Reply
IvanLabrie TOP IvanLabrie
2 years ago
*cover
Reply
IvanLabrie TOP IvanLabrie
2 years ago
snapshot


Working beautifully ;)
Reply
IvanLabrie TOP IvanLabrie
2 years ago
snapshot


Covered the second batch, leaving the first running with break even stop. Good times ;)
Reply
Price in a strong congestion area right now, might take a while to continue lower.
First target to cover should be 0.9604, second 0.9521.

snapshot
Reply
IvanLabrie TOP IvanLabrie
2 years ago
snapshot


Looks good. Have to be patient now.
Reply
snapshot


New short, still got one lot on house money (BE stop).
Target 1 in the chart above, I'll close half and move stop to BE once we reach it.
Target 2 is validation of the point 1-4 line.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out