EUR/CHF: Going short now at market from the sharks!
I had to be quick so the charts might look a bit messy but you'll get the picture I hope. I entered at market at 1.0944 and 1.0954 and might add to my positions later on depending on PA.
On the daily we might be have completed a C of a possible Gartley pattern, but we could also just be on our way to a C higher up, we can't now this but it's good to keep options open imo...
On the 60M chart however we might just have completed a 0.886 bearish shark!
Now we could still advance further up to complete a 1.13 bearish shark so my SL for this short will be above the completion point of the 1.13 shark and above the 61.8% retracement of the last big move down (AB on the daily). If we get all the way up there I will add shorts with SL above the downsloping trendline drawn in blue on the chart. Bare in mind though that we could as well break that trendline and go all the way to completion of C at the 0.886 level... Today's move was a big one though so I would expect at least some profit taking at this point, especially since we're at the 50% retracement of the last big move down!
Traders who are more risk-averse might want to wait until the 60M trendline is broken, this technique has been working great on this pair in the past (see blue trendlines and arrows to the left on the 60M chart).
Several possible targets are on the chart but if in doubt: choose only the 38.2% retracement (see my post on bat (and other advanced pattern) targets linked below!! That's what I will do, I might take up to 80% at 38.2 and may leave only a small % open for the other targets.
THIS TRADE MIGHT BE MORE RISKY THAN USUAL SO CHOOSE YOUR POSITION SIZE WISELY!
Wish me luck!
On the daily we might be have completed a C of a possible Gartley pattern, but we could also just be on our way to a C higher up, we can't now this but it's good to keep options open imo...
On the 60M chart however we might just have completed a 0.886 bearish shark!
Now we could still advance further up to complete a 1.13 bearish shark so my SL for this short will be above the completion point of the 1.13 shark and above the 61.8% retracement of the last big move down (AB on the daily). If we get all the way up there I will add shorts with SL above the downsloping trendline drawn in blue on the chart. Bare in mind though that we could as well break that trendline and go all the way to completion of C at the 0.886 level... Today's move was a big one though so I would expect at least some profit taking at this point, especially since we're at the 50% retracement of the last big move down!
Traders who are more risk-averse might want to wait until the 60M trendline is broken, this technique has been working great on this pair in the past (see blue trendlines and arrows to the left on the 60M chart).
Several possible targets are on the chart but if in doubt: choose only the 38.2% retracement (see my post on bat (and other advanced pattern) targets linked below!! That's what I will do, I might take up to 80% at 38.2 and may leave only a small % open for the other targets.
THIS TRADE MIGHT BE MORE RISKY THAN USUAL SO CHOOSE YOUR POSITION SIZE WISELY!
Wish me luck!
