dojitrader
Long

How Many Zig Zags Will It Take ?

FX:USDCHF   U.S. Dollar / Swiss Franc
136 2 0
After a reasonably impulsive looking rise, price action since has been extremely corrective
and overlapping which makes me still look for a 2nd wave bottom. 2nd waves are often
likely to retrace very deeply as the sentiment of the previous move is " disbelief".
The question now ? Will the trend line or the 3rd green price range stop/reverse
this trend I'll be watching the candlesticks for a trigger too/before I place an order.
Stops should probably go below the wave 1 lows at the end of Oct.
Buy the dips in EurUsd is still working although I can't imagine why: look out below when this stops working .
Being Friday I did not enter this trade. It does seem to be somewhat of a washout, however.
Will take another look next week.
Both this trade and the Euro are going to test the metal of those of us who see this price action
as being nothing but corrective and overlapping.
Welcome to a wave 2 !!!!(unless I'm wrong, of course)
Reply
Ozayevable dojitrader
couldnt agree more. price did react on levels that we expected (abcd completed on both euru and uchf) but the breaks seem legit. Tho the october highs/lows is the dealbreaker.
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