I'm preparing for a short trade on USDCHF, analyzed on a 15-minute chart using the Elliott Wave theory. The chart shows the completion of a five-wave impulsive sequence, indicating a corrective phase is likely. I'm planning to enter the short position at the current price of 0.88611.
For target levels, I'm looking at Fibonacci retracement levels. My first target is at 0.88672, the second at 0.88453, and the third at 0.88318. I'll set my stop loss just above the recent high of wave (5) around 0.88700 to protect against upward moves.
I'll monitor price action as it approaches each Fibonacci target and look for signs of support or reversal to decide on profit-taking or adjusting my stop loss to secure gains. This setup aims to capitalize on the corrective phase following the Elliott Wave impulse sequence.
For target levels, I'm looking at Fibonacci retracement levels. My first target is at 0.88672, the second at 0.88453, and the third at 0.88318. I'll set my stop loss just above the recent high of wave (5) around 0.88700 to protect against upward moves.
I'll monitor price action as it approaches each Fibonacci target and look for signs of support or reversal to decide on profit-taking or adjusting my stop loss to secure gains. This setup aims to capitalize on the corrective phase following the Elliott Wave impulse 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.