I'm setting up a long trade on NZDCHF based on a 15-minute chart using Elliott Wave analysis. The chart shows wave (4) of the impulsive sequence has completed, and I expect the next upward move to wave (5). My entry point is around the current price of 0.52152.
I'm targeting the following levels for wave (5):
1. First target: 0.52374 at the 0.618 Fibonacci extension.
2. Second target: 0.52513 at the 1 Fibonacci extension.
3. Final target: 0.52739 at the 1.618 Fibonacci extension.
I'll place my stop loss slightly below the recent low of wave (4) around 0.52096 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 upward movement completing the Elliott Wave sequence.
I'm targeting the following levels for wave (5):
1. First target: 0.52374 at the 0.618 Fibonacci extension.
2. Second target: 0.52513 at the 1 Fibonacci extension.
3. Final target: 0.52739 at the 1.618 Fibonacci extension.
I'll place my stop loss slightly below the recent low of wave (4) around 0.52096 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 upward movement completing the Elliott Wave 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.