The bearish wave formation was completed by creation of double top at point 5 supported by RSI divergence at H1/H4.
After the test of 2-4 line area, the price retraced to 61.8 of previous move and provided opportunities for opening short position. It is possible that the price will re-test 1-3-5 area once again before beginning the descend. Both this level and 2-4 possible breakout area should be monitored carefully.
3 positions were opened, more can be considered depending on further development of this pattern.
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5 more positions were opened - the pair went to re-test 1-3-5 and US housing data was much worse than expected.
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During Yellen's speech which appeared to be pretty dovish, the pair formed another minor WW (purple).
1 more position was added at the peak of 1-3-5 re-test (hopefully, will finally start going South after Yellen, I expect the price to test at least 2-4 line again.)
Trade closed manually
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After price reversal and breaking the upper line of the pattern, the positions were closed.
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The price returned to the internal structure of the pattern - supported by RSI divergence and continuous bearish volume - shorts re-opened.
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USDCHF is trying to break 2-4 again. Currently the pair is in accumulation phase and the real breakout in any direction will most likely be accompanied by volatility and volume increase.
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After the initial cross of 2-4, bounce back and strong continuation further South along with medium volume increase, it started looking more like a valid breakout.
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With the price returning back to the pattern and forming another peak, the situation is looking more like this now:
Hopefully, the latest breakout will be the real one, but only time can tell )
It is likely that with lot's of important upcoming data within next few hours and Yellen's speech later, the pair will finally decide its destination.
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Didn't update this trade on time - SL was put too low and got hit above point 5 indicated at the previous screenshot.