I'm setting up a short trade on CHFJPY based on a 4-hour chart using Elliott Wave analysis. The chart shows that wave (b) of the corrective sequence has completed, and I'm anticipating a downward impulse in wave (c).
My entry point is around the current price of 172.060.
I'm targeting the following levels for wave (c):
1. First target: 169.500 at the 0.733 Fibonacci extension.
2. Final target: 167.432 at the 1 Fibonacci extension.
I'll place my stop loss slightly above the recent high of wave (b) to manage risk. As the price approaches each target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated downward movement completing the Elliott Wave corrective sequence.
My entry point is around the current price of 172.060.
I'm targeting the following levels for wave (c):
1. First target: 169.500 at the 0.733 Fibonacci extension.
2. Final target: 167.432 at the 1 Fibonacci extension.
I'll place my stop loss slightly above the recent high of wave (b) to manage risk. As the price approaches each target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated downward movement completing the Elliott Wave corrective sequence.
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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.