OANDA:USDCHF   US-Dollar / Schweizer Franken
Uchf obviously in a down trend. However, It is at a pitchfork as we speak as well as 1.27 extension to its leg. Obviously, or at least it should be obvious to you, you shouldn't try to make a living at trying to catch reversals, safest to wait for price to actually go, then pull back, which takes time. I personally will take some shots on things like these, but carefully. However, with NFP tomorrow I certainly will not be buying it now.... But here is my point, If it did pull up from here, an obvious target would be the 23 percent (yellow), but if it doesn't, looking at the measurements, I would recommend looking to catch the 23-38% retracement of the length of this wave up from that next zone that I highlighted. I will not be at my desk tomorrow and quite frankly could give a crap what these charts do, I will catch the flags next week. Just showing you my markup. I would not be surprised if UCHF did retrace that 23% to that level and went down to that next zone completing a 5 wave so if you see a spike tomorrow, when the dust settles you may have a buy opportunity from this fork for retracement.... Or a sell if you got the experience. I was looking for this to come up off the 618 or 786, but now we look to be in a downtrend. Keep in mind higher probability trading mid week next week than tomorrow morning. NFP you really need to wait and be patient, watch a few different pairs of the same currency and let them create ranges and tell you which way they will go. You trade for a continuation, not the knee jerk. I could also give a crap what the fundamentals say at this point where stuff is at. If Chfjpy drops, which is possible (no confirmation) (on anything right now keep that in mind), this could move up with force, but safer to just wait for the dollar to actually make some kind of actual wave pattern. regardless, I been killing it. Next week there will be less risky setups, there always is. But I have nailed a lot of good entries on news waiting for a candle to extend out of a pitchfork like that with tight stop and went the other way, but you gotta know what you are doing.
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