Traders, GBPCHF 's late-August five wave impulse advance from 1.22202 is approaching its upside termination where Fibonacci-Price-Ratio & Proportion measurements collaborate, highlighting a reversal zone standby, yet not confirmed. This Zig-Zag correction labelled X(circle) has started unfolding since 10.10.2016 from 1.17837 ( C impulsive wave's end). Wave (A), the first leg of the Zig-Zag, a five-wave pattern uptrend has since unfolded reaching 1.29143 Wave (B) has been developed into a Running Triangle Pattern as wave b. ends beyond the start of wave a. with wave e. undershooting a. - c. line. Wave (C) subdividing into a five wave pattern where the 5th wave can be seen taking the form of an ending/contracting diagonal pattern. The reversal signature is still to come, as the diagonal might not have completed yet, even a new higher-high or even a truncated fifth are welcome, although the price action will tell to determine the end of it or not. Downside targets are towards a long way down, already measured, however, an update of them will follow after the reversal signature confirmed.
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A new higher high has formed as expected. Watch that pair closely as it is getting ready
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Price made a new high and reversed. Would that be the start of the decline? Watch for short setup opportunity
thanks Sir for this set up and well done this work is one of the best setup I have seen in this this year and totally agree with there is some possibility to have upside movement other trader can sell as we will be at the top of the current consolidation
ChrisMark
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Hi @muhmasry, thank you for your kind words.Every trader has his own trading strategy, if that works for him, that's enough. Mine is not that simple as you described above.Apart from golden rules for price-rejection from pre-determined target levels, reversal signatures and appropriate time and space for stop-losses are some others to consider.
maksoy
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Hi Sir.
Will you update count?
Thank you for ypur interest.
maksoy
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Hi Sir.
Will you update count?
Thank you for ypur interest.
haliday
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wow so what do you look for as a confirmation to short or buy any pair with this set up?