USDCHF wave 5
Updated
We are coming to the end of a correction wave, wave 4, and can now look for potential selling opportunities.
There is strong resistance at 0.9900 which also happens to be a phycology level.
The 61.8% retracement from the previous high is at 0.9893.
Weekly 20 and 50 EMAs are closing in on each other and if they cross this will give us further confirmation.
I will be placing an order as follows:
USDCHF BUY LIMIT @ 0.9900
SL @ 0.9970 (70)
TP @ 0.9575 (325)
Risk:Reward = 4.64
If the order isn't filled I will look to enter the trade manually.
SL just above 78.6% retracement and daily 50EMA.
TP at weekly resistance.
There is strong resistance at 0.9900 which also happens to be a phycology level.
The 61.8% retracement from the previous high is at 0.9893.
Weekly 20 and 50 EMAs are closing in on each other and if they cross this will give us further confirmation.
I will be placing an order as follows:
USDCHF BUY LIMIT @ 0.9900
SL @ 0.9970 (70)
TP @ 0.9575 (325)
Risk:Reward = 4.64
If the order isn't filled I will look to enter the trade manually.
SL just above 78.6% retracement and daily 50EMA.
TP at weekly resistance.
Trade active
Manually entered as reversal looks likelyNote
ORDER CANCELLED before NFP releaseTrade active
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