Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of CHFJPY forex pair published in members area of the website. As our members know CHFJPY is showing impulsive bullish sequences in the cycle from the January 2023 low. The pair has recently made pull back against the 158.8 pivot. The pair made clear 3 waves correction and gave us rally toward new highs as expected. In further text we’re going to explain the Elliott Wave pattern and trading setup.
CHFJPY Elliott Wave 1 Hour Chart 08.06.2023
The pair has made 5 waves up in the rally from the 158.8 low which is labeled as wave ((i)) black. Current view suggests the pair can be still doing wave ((ii)). Pull back looks incomplete at the moment. So, we assume (c) blue leg is still in progress. The pair should ideally make another leg down toward 161.8-160.6 area – buyers zone. As our members know Blue boxes are based on 100% – 161.8% Fibonacci extension area , that we trade in 3, 7, or 11 swing corrective sequence. Once bounce reaches 50 Fibs against the(b)blue high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 160.59
You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.
CHFJPY Elliott Wave 1 Hour Chart 08.06.2023
CHFJPY made another leg down as we expected. However pull back missed to reach equal legs area by a few points. Correction completed slightly above equal legs area ( 161.81) at 161.9 low. The pair left us without the trade this time. Eventually we got break toward new highs as expected. We don’t recommend selling it and favor the long side still. We expect the intraday pull backs to keep finding buyers in 3,7,11 swings.
Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast
We cover 78 instruments in total, but it’s important to keep in mind that not every chart is trading recommendation. We present Official Trading Recommendations in Live Trading Room. If not a member yet, Sign Up for 14 days Trial now and get access to new trading opportunities. Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy.
Please keep in mind that we don’t make the market and our forecasts don’t have 100% accuracy. However, we do have a system which allows us to get out Risk Free + cash partial profit from the trade, even if primary analysis gets wrong. Join us now and start learning from market experts. If you are looking for professional real-time analysis in Forex, Indices, commodities,Crypto currencies , stocks and ETFs you have come to the right place.
Welcome to Elliott Wave Forecast !
Back
