TRADE: USDCHF SELL@1.02964 Wave (3) Done. Falling in Wave (4)

Taking this trade as if appears to be ready to take a fall in relief of a strong move up.

WAVE COUNT
This pair has been on a long and sustained uptrend in what should've been a wave (3). This wave (3) appears to be over now and a wave (4) should commence. This wave (4) should be relatively shallow as the wave (2) was deep. Though in GENERAL this is the case, it isn't always. On this 4HR chart, I have counted and marked out the wave (3) advance and its' internal waves.

PATTERNS
There is a COMPLETED Crab pattern that seems to have marked out the end of the wave (3). What I also have on the chart is a classic Potential Shark pattern with a POTENTIAL 5-0 pattern in the waiting as well. When patterns coincide with structure, it makes them that much more relevant. From my chart, you can see that the placement of the points of the Shark and the 5-0 makes sense in that they coincide with structure. The Shark would complete near a MAJOR Structure and the 5-0 also completes near a MAJOR Structure.

There is a POTENTIAL Butterfly pattern as well but that is still some ways away from completing and I have reason to believe that its completion will mark a MAJOR turning point in this pair. But I'll deal with that when the time comes.

DAILY CHART

MY TRADING PLAN
I actually took this trade last Friday and am waiting for it to start to fall. That time could be today. Obviously, my stops go above the point where my wave count on this will be wrong. If this is a wave (4) retracement down, then it should stay below the ending of wave (3). At least for its' wave (A) down. When wave (A) of (4) is done, the wave (B) of (4) COULD pop above the wave (3) high but again, that is to be dealt with if and when it happens. Nothing to worry about now. If that Shark is to be filled, then that will be a TP. But fair warning, there are MAJOR obstacles below. All of which could stop the wave (4) and send it back up. Remember, wave 4's are NOTORIOUSLY unpredictable!

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*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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