BULLS ARE REALLY WORKING EURCHF!! A little break maybe?
Right, Right , Right! EURCHF Stumbled across some solid support before reversing Bullish. As you can see Bulls have been in control for some days now.
Price is approaching a critical resistance zone ( the grey price level price is approaching) where we may potentially see price pullback which may also been seen as 'profit taking' .
Price has potential to retrace 50% of the whole bullish move which in classical technical analysis terms we would call an 'inverted head and shoulders' . In Elliot wave terms, we can refer to as an ABC corrective pattern. I have marked the 50% retracement level. Should price pull back to this level, I will be going long with 1% capital risked.
Should price move to my stop loss, my edge will be invalidated.
Take profit has been calculated at double the length of the retracement (100%)
Price is approaching a critical resistance zone ( the grey price level price is approaching) where we may potentially see price pullback which may also been seen as 'profit taking' .
Price has potential to retrace 50% of the whole bullish move which in classical technical analysis terms we would call an 'inverted head and shoulders' . In Elliot wave terms, we can refer to as an ABC corrective pattern. I have marked the 50% retracement level. Should price pull back to this level, I will be going long with 1% capital risked.
Should price move to my stop loss, my edge will be invalidated.
Take profit has been calculated at double the length of the retracement (100%)
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.