CHFCHF bullish impulse in 5 waves
Updated
If you have seen my other idea for the pair you know that I'm already long from the bottom. So this idea is mainly to show where I may consider to add to that trade.
Price finally spiked higher and nudged past my confirmed bullish level, in 5 waves (this is important) and as it did so it also made a bullish impulse noted by 2 sequentially higher highs with higher AO blocks and at the same time overtook at least one internal and one external high. An external high is a peak "on the other side" with price trending in the other direction. So now I'm basically waiting to see what price will do. WE already get a retest of the TL break as I was preparing this idea, but I drew an arrow for it anyway on chart. Otherwise it reminds pretty much of my CADJPY idea, so you can have a look at that one as well. My first level to really consider is a retest of the 1h tunnel.
Price finally spiked higher and nudged past my confirmed bullish level, in 5 waves (this is important) and as it did so it also made a bullish impulse noted by 2 sequentially higher highs with higher AO blocks and at the same time overtook at least one internal and one external high. An external high is a peak "on the other side" with price trending in the other direction. So now I'm basically waiting to see what price will do. WE already get a retest of the TL break as I was preparing this idea, but I drew an arrow for it anyway on chart. Otherwise it reminds pretty much of my CADJPY idea, so you can have a look at that one as well. My first level to really consider is a retest of the 1h tunnel.
Note
This a more detailed view of what I see as optimal to take a trade here. Assuming we pullback lower from here I would consider it as a small wave (b) to be done but if we come higher I would just adjust from there.
The level wave c=a comes pretty strait into 15m tunnel, a bit above end of former wave 4 which also is the 61.8 fib retracement. What would tilt my mind here is what the AO tells me. First of all the current block has to close, then I'd look at 5m and wait for 3 following blocks, where the 3rd block preferably is higher (below zero) than the first but price is lower. That's what ultimately would make me pull the trigger.
Note
Price coming down a bit too fast and steep, so still just monitoring. No evidence yet that the pullback is about to be over.Note
OK looks like it's Evergade that defaulted. Well, markets over reacting as usual as this probably is a nothingburger, with a shiny screaming facade. So in due time this move should be faded in my view.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.