struggling in the 4k zone again. looks to be sitting up for a wave c down to get us to our potential wave 2 completion zone.
great RR @ 6.9. worth punting shorts here.
will cut if rsi eq holds.
similar channel to bitcoin. offered breakout from previous support, forming our channel bottom. respecting eq. slight deviation at channel top.
only measure that's a bit out of range is our wave 2 target. would have to be a deviation from the channel, which is still in line with our thesis.
The price broke the old ascending trend line and did a retest and also broke this trendline the rest is broke the horizontal support with closed 4h candle below 1.63450 to catch 250 pips until next support
USDCHF
SELL LIMIT @ 0.92917
Stop Loss: 0.92998 (Add Spread)
TP 1 (1R): 0.92837 (20%, SL → BE, Scalp TP )
TP 2 (3R): 0.92677 (30%)
TP 3 (5R): 0.92516 (30%)
TP 4 (10R): 0.2115 (20%)
Explanation: Looking for price to test this resistance area in the late into this week or at the start of the 26th week. The rejection from the level might suggest we will get some...
We can see EU making a bearish flag.
Price respected a resistance level and formed a bearish engulfing candle after the bounce off of the resistance.
Wait for next candle to clse bellow the flag to trade the breakout.
Best of luck!
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