USDCHF - Catch This 500pip Trade!
USDCHF is currently in a 5 wave impulse. Elliott wave theory suggests that if wave 2 is a simple correction, it is likely that wave 4 will be somewhat complex.
From the looks of things, we are seeing an expanded correction for wave 4. We are expecting wave C to complete at the local highs where we got the 0.5 fibonacci.
Trade Idea:
- Watch for wave C completion at the recent highs
- Watch for a trend reversal via trendline break, BOS etc
- once reversal is confirmed, enter with stops above correction or above wave 4 invalidation
- Targets: 0.844 (300pips), 0.825 (500pips), Taper thereafter
Goodluck and as always, trade safe!
From the looks of things, we are seeing an expanded correction for wave 4. We are expecting wave C to complete at the local highs where we got the 0.5 fibonacci.
Trade Idea:
- Watch for wave C completion at the recent highs
- Watch for a trend reversal via trendline break, BOS etc
- once reversal is confirmed, enter with stops above correction or above wave 4 invalidation
- Targets: 0.844 (300pips), 0.825 (500pips), Taper thereafter
Goodluck and as always, trade safe!
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