IvanLabrie

USDCHF reaching exhaustion soon

FX:USDCHF   U.S. Dollar / Swiss Franc
711 14 8
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.


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.
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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.

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IvanLabrie IvanLabrie


Looks good. Have to be patient now.
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IvanLabrie IvanLabrie
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.
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IvanLabrie IvanLabrie
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)
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IvanLabrie IvanLabrie
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)
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IvanLabrie IvanLabrie
Took a long, but also shorted from the top of the trendline, 70 pips down and covered. Long running now.
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IvanLabrie IvanLabrie
Got a sell stop below the level in the chart. Long stop is there too.
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IvanLabrie IvanLabrie
Opened a short with a stop above 0.9783, target is the options line below: 0.958
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