I'm going long on GBPCHF based on the 15-minute chart. The Elliott Wave pattern indicates the completion of wave (4) and the onset of wave (5) impulse. My target for wave (5) is the 0.618 Fibonacci extension level at 1.13663, with possible higher targets at 1.13632 and 1.13555.
The chart shows a clear impulsive wave pattern followed by a corrective wave, suggesting upward momentum. Entering at the current price level of 1.13547, I expect a continuation to the indicated Fibonacci levels. The stop-loss is set just below the recent low of wave (4) to manage risk effectively. This setup provides a favorable risk-reward ratio for a long position.
The chart shows a clear impulsive wave pattern followed by a corrective wave, suggesting upward momentum. Entering at the current price level of 1.13547, I expect a continuation to the indicated Fibonacci levels. The stop-loss is set just below the recent low of wave (4) to manage risk effectively. This setup provides a favorable risk-reward ratio for a long position.
Trade closed manually
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.