EURCHF - BUY - 15th June 2022




EURCHF - BUY - 15th June 2022 (Closed)


Evening team,

We picked up a win on the EURCHF a couple of weeks back and have been waiting to reload the position due to the change in trend.

The Elliott wave count indicates a weaker CHF over the next couple of weeks, and the price action could be entering a wave 3 bullish sequence to the upside. Wave 3 is generally the largest and most aggressive in the cycle, therefore this position should move relatively quickly.

EURCHF – Weekly Chart

 

We are looking to target the negative trend line resistance initially on this position.

EURCHF 4 Hour Chart

I understand the chart may look messy, however the concept is there has been an initial 5 wave bullish sequence to the upside to form wave 1 or wave A, there has also been an ABC corrective sideways move to form wave 2 or wave B, and a first wave (i) to the upside of wave 3 or wave C.

Trade Setup: But market execution, current price 1.0470, stop loss 1.0343 and take profit target 1.0774

Stop loss: 127 pips

Take profit: 304 pips

Trade Setup
BUY - Market Execution

Entry
1.0470

Take Profit
1.0774

Stop Loss
1.0343