GBPCHF - Buying opportunity - Elliot Waves - Swing Trading Ideas
GBPCHF - Buying opportunity for Swing trading
TECHNICAL ANALISIS:
Elliot Waves:
Down Trending waves 1 to 5 with with perfect fibonacci measurements
Next step for this waves would be either a ABC Correction or ABCDE Correction to the UP Side
RSI - Momentum:
We got in the peak of wave 5 at the 61.8% extension from 1 to 4 RSI Over Sold Divergence in 1 hour chart,we also got over sold RSI in the 4 hour chart at 21 and in the daily chart the RSI is at 24 totally oversold in general with good mometum to buy it
Stop Loss:My Recomendation for this trade will be 50 to 100 Pips be carefull using position sizing
Take Profit: like the elliot waves rules said ABC corrections most of the time make it for the peak of wave 4 which give us 500 pips of profit if we hold it with a 100 Pips stop loss this is 1 to 5 risk/reward or even 1 to 10 risk/reward with 50 pips stop loss
Economical News release:
GDP - YoY,QoQ & MoM With positive Forecast
in the forex markets the there are 5 major economical news release that drive the currencies: Interest Rates,GDP,CPI(inflation data),Unemployment and central bank meetings,if this GDP data is positive for the GBP
pairs + the recently interest rates hike in the GBP from 0,50% to 0,75% this will make the GBP pairs start the up trend correction
In Conclusion: Perfect Down trending Waves with perfect measurements for this waves which give us confidence to take trades for the correction ,i have been following on this down trend for the GBP pairs for the last months and made a lot of profit of it which gives me a lot confidence to execute this trading idea ,the momentum is in our side in 3 important time frames and the economical news release with positive forecast at this timing makes it perfect,even if we could lose this trade it would be a great decision to take it and i wont regret it,if you are a waves trader like me this would be a great trade for you as well
TECHNICAL ANALISIS:
Elliot Waves:
Down Trending waves 1 to 5 with with perfect fibonacci measurements
Next step for this waves would be either a ABC Correction or ABCDE Correction to the UP Side
RSI - Momentum:
We got in the peak of wave 5 at the 61.8% extension from 1 to 4 RSI Over Sold Divergence in 1 hour chart,we also got over sold RSI in the 4 hour chart at 21 and in the daily chart the RSI is at 24 totally oversold in general with good mometum to buy it
Stop Loss:My Recomendation for this trade will be 50 to 100 Pips be carefull using position sizing
Take Profit: like the elliot waves rules said ABC corrections most of the time make it for the peak of wave 4 which give us 500 pips of profit if we hold it with a 100 Pips stop loss this is 1 to 5 risk/reward or even 1 to 10 risk/reward with 50 pips stop loss
Economical News release:
GDP - YoY,QoQ & MoM With positive Forecast
in the forex markets the there are 5 major economical news release that drive the currencies: Interest Rates,GDP,CPI(inflation data),Unemployment and central bank meetings,if this GDP data is positive for the GBP
pairs + the recently interest rates hike in the GBP from 0,50% to 0,75% this will make the GBP pairs start the up trend correction
In Conclusion: Perfect Down trending Waves with perfect measurements for this waves which give us confidence to take trades for the correction ,i have been following on this down trend for the GBP pairs for the last months and made a lot of profit of it which gives me a lot confidence to execute this trading idea ,the momentum is in our side in 3 important time frames and the economical news release with positive forecast at this timing makes it perfect,even if we could lose this trade it would be a great decision to take it and i wont regret it,if you are a waves trader like me this would be a great trade for you as well