USDCNH - Short - Up to 1:6 R/R!

The 7dollar handle hold, price now turning lower in an impulsive fashion.

The first wave finished and price is now making wave 2, so, wait for it to end before entering any short positions.

Trade Setup :

* Entry : Pending order @ 6.931 (0.618 Fib Retracement)
* Stop : last high (or 7.000 for a more conservative one)
* Target : 6.7 to 6.521

Trade active

Entry made at 6.925

Trade active

Pending order filled

Note

This isn't looking good...
Let's hope dollar weakness kicks in in time to get this pair down before it reaches our stop loss

Note

This pair is getting very frustrating.
Let's hope something happens fast, even if it stops me out.
Holding this too long will cost me more than what I will win...

Note

Second entry made at 6.95296 (78.6% retracement).
Stop : moved to break-even.

The G20 summit finally gave us some move in this pair, and looks like it's going our way.

Beware the gap that happend at the markets opening, price has a tendency to fill them therefore you can take some profits now and move your stops to break-even at least.

ElliottWaveBelgium

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Related publications

DXY - Dollar weakness to come - Risk/Reward of 3.8 !!!

by ElliottWaveBelgium

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ElliottWaveBelgium

Don't forget to like, share and follow !

Questions? Chat or Comment on Ideas

Thanks !