Analysis:
I've seen USDCHF show 5 waves down to create an 'A' wave, and then retrace towards the origin of the impulse (B wave)
it has hit the reversal zone at current price.
Hypothesis:
I am looking for latent short orders to kick in at current levels and a bit above.
Price should stall at this reversal area I have identified between the 2 red lines.
Price is projected to go to the 78.6/88.6 Fibonacci numbers of the previous larger timeframe impulsive wave creating the wave 'C'.
Risk Management:
Trade potential 5:1 +
Take off half at 2:1, and move stops to Break even. Let rest ride to Target.
If you are concerned going short against short term bullish momentum.. you can wait for a 1D bearish candle before entry.
PS: If my analysis is to your liking... please like the post & subscribe. Thanks.
I've seen USDCHF show 5 waves down to create an 'A' wave, and then retrace towards the origin of the impulse (B wave)
it has hit the reversal zone at current price.
Hypothesis:
I am looking for latent short orders to kick in at current levels and a bit above.
Price should stall at this reversal area I have identified between the 2 red lines.
Price is projected to go to the 78.6/88.6 Fibonacci numbers of the previous larger timeframe impulsive wave creating the wave 'C'.
Risk Management:
Trade potential 5:1 +
Take off half at 2:1, and move stops to Break even. Let rest ride to Target.
If you are concerned going short against short term bullish momentum.. you can wait for a 1D bearish candle before entry.
PS: If my analysis is to your liking... please like the post & subscribe. Thanks.
Komen:
We are live in the trade, we are above the PINK line (where price could not go before, on the previous attempt) This is where I anticipate price action can kick in with some veracity.