There are several things we are watching on the 4 hour chart of the
EURCHF
.
SCENARIOS
1) There is a potential Double Top in the making. Look for a break first of the ascending widening triangle lower trend line - then look for the Double Top to complete.
2) There is also a ascending widening triangle. Looking to go SHORT and see if we get a bounce or break of the lower trend line. The pattern seems to point to a potential bounce, BUT if we get a break then Scenario #1 comes into play.
3) If we get a bounce off the lower ascending triangle trend line, we will go LONG and look for price to accelerate above the previous top. With a break of the previous top, we will ride the wave to the north as long as we can.
So SHORT for now as we look to the lower trend line. But ultimately we think this pair will bounce and head LONG off the lower trend line. BUT if it breaks we will be ready to spot the completion of the Double Top and go SHORT once again.
For targets, check out the Fibos. and choose targets close to those retracements levels.
Published on 10/22/17
EURCHF
. SCENARIOS
1) There is a potential Double Top in the making. Look for a break first of the ascending widening triangle lower trend line - then look for the Double Top to complete.
2) There is also a ascending widening triangle. Looking to go SHORT and see if we get a bounce or break of the lower trend line. The pattern seems to point to a potential bounce, BUT if we get a break then Scenario #1 comes into play.
3) If we get a bounce off the lower ascending triangle trend line, we will go LONG and look for price to accelerate above the previous top. With a break of the previous top, we will ride the wave to the north as long as we can.
So SHORT for now as we look to the lower trend line. But ultimately we think this pair will bounce and head LONG off the lower trend line. BUT if it breaks we will be ready to spot the completion of the Double Top and go SHORT once again.
For targets, check out the Fibos. and choose targets close to those retracements levels.
Published on 10/22/17