EURCHF long for 5th wave after 4th wave corrective pullback
Analysis:
I've seen EURCHF in the process of completing its 3rd wave of wave 5
Hypothesis:
I am looking for a wave 4 pullback to the purple reversal zone where I have indicated by the blue arrows.
The wave 4 pullback should show itself as a corrective fall (abc pattern or abcde pattern into our buy zone)
If it is too sharp of a fall, then I will not participate in the long side.
A bounce at our level after a a corrective fall should produce a impulsive wave higher from our area and create its wave 5.
Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.
I've seen EURCHF in the process of completing its 3rd wave of wave 5
Hypothesis:
I am looking for a wave 4 pullback to the purple reversal zone where I have indicated by the blue arrows.
The wave 4 pullback should show itself as a corrective fall (abc pattern or abcde pattern into our buy zone)
If it is too sharp of a fall, then I will not participate in the long side.
A bounce at our level after a a corrective fall should produce a impulsive wave higher from our area and create its wave 5.
Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.