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