At 2:00 pm today the foreign exchange market opens up. If no gap is present, I will be shorting USD/CHF again. I am loving this pair. The technicals on it are playing out well.
Reasons for this short.
1.) 15 min elliot 5th wave is coming.
2.) Bulls are letting go of this pair, the resistance top is tough to break.
3.) Overbought on 15 min.
4.) Overbought on daily
5.) Weekly pivot is at 1.1174 (making this my target)
I am putting a stop of 20 points on it. My target is 95 points.
On Friday I told myself I am only choosing setups that are low risk and this is
nice. The 5 min chart is perfect on it also.
Here is what this looks like on a 15 min chart.
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