Since the outbreak of corona virus, all markets saw extreme volatility that created unforeseen patterns amd unpredictable movements. However, that's not the case with Euro/Swiss Franc.
In March, price started creating cyclic move to the upside, slowly and steadily. Since then, we notice that the main price pattern is as follows: Correction Pattern - Impulse - Correction Impulse - Correction Pattern.
It'd sound so stupid to say that "we know how markets will move" - in fact we don't - but for the time being, the situation is repeating. So our next move is to wait till the latest correction phase ends and the next impulse starts. A good technical sign that indicates possible bullish move is that once price reached the lower limit of the pattern it rebounced back with a daily engulfing, which is crucial for our plan.
The Plan / How To Trade: Wait for price to break above the 61.80% level, then ideally wait for a retest in order to be sure that no more downside prevails and then start loading longs. Do not go all in before price leaves that correction pattern!
Have fun trading! ;)
In March, price started creating cyclic move to the upside, slowly and steadily. Since then, we notice that the main price pattern is as follows: Correction Pattern - Impulse - Correction Impulse - Correction Pattern.
It'd sound so stupid to say that "we know how markets will move" - in fact we don't - but for the time being, the situation is repeating. So our next move is to wait till the latest correction phase ends and the next impulse starts. A good technical sign that indicates possible bullish move is that once price reached the lower limit of the pattern it rebounced back with a daily engulfing, which is crucial for our plan.
The Plan / How To Trade: Wait for price to break above the 61.80% level, then ideally wait for a retest in order to be sure that no more downside prevails and then start loading longs. Do not go all in before price leaves that correction pattern!
Have fun trading! ;)
Note
4H Outlook - More details on what to expectNote
Preparing to see a possible breakout soon. A Biden win would likely benefit the EUR - that's the reason we see EUR pairs going up today anyway; because Biden is close to win so markets are preparing.Note
Looking to scale in the position if Biden wins. But for now initial target lies below 1.07500
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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.
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.