Before I begin I would like to thank anyone who provides feedback.
Observing the D and 4h timeframes of SGD/CHF, there is a rising wedge taking place and we are currently testing the lower TL. The price also just tested the .618 fib level (.7150).
We just broke a key price area of .718 and this can act as a resistance point . If this hits resistance and the wedge is broken, then a very nice short opportunity will form.
The next area of significant resistance past the price of .718 is the .382 fib (.7225) that has played a reversal area in the past weeks. We can see a retracement back to .718 that will act as support.
The first TP area is where a lower high would form that is right on the .236 fib (.7271)
The second TP area is the top of the rising wedge TL (.7320).
I have placed the stop below the .786 fib (.7097) as this will invalidate the continuation of the wedge.
Thank you, feedback welcomed!
Observing the D and 4h timeframes of SGD/CHF, there is a rising wedge taking place and we are currently testing the lower TL. The price also just tested the .618 fib level (.7150).
We just broke a key price area of .718 and this can act as a resistance point . If this hits resistance and the wedge is broken, then a very nice short opportunity will form.
The next area of significant resistance past the price of .718 is the .382 fib (.7225) that has played a reversal area in the past weeks. We can see a retracement back to .718 that will act as support.
The first TP area is where a lower high would form that is right on the .236 fib (.7271)
The second TP area is the top of the rising wedge TL (.7320).
I have placed the stop below the .786 fib (.7097) as this will invalidate the continuation of the wedge.
Thank you, feedback welcomed!
Trade active:
Orders triggered at .71545 and .7145
