Today we are going to sell GBPCHF. As you can see, i already marked our horizontal support and resistance level. I also do the Elliott waves analysis and found that we got a nice opportunity to try selling GBPCHF.
We're now on ABC correction in my opinion and we could break wave-C into 5 waves. Waves-iv now completed and we will soon see price rotate lower to complete wave-v.
We use elliott waves rules where 4th wave can't touch 1st wave area as protectice stop loss.
Sell GBPCHF 1.2000 Stop loss 1.2040 Take profit 1.1880 (3R)
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