Hello my friends, Another setup coming to you.
I’ve already posted NZDCHF , NZDJPY , XAUUSD , and CADCHF . The last trading plan for next week is EURCHF .
I am using 4hr time frame for this analysis. As you can see the recent upwards movement could be labeled with Elliott Waves count and i think we’re pretty much done with Wave-3.
This is now a corrective wave which gonna be Wave-4. I think we could see Wave-4 correction end at 1.0810 area which is the 50% fibonacci of Wave-3.
I am gonna set a buy limit around that area.
For our protective stop loss it will be at 1.0785 slightly below 4hr support level .
I am not using Wave-1 end point as stop loss because in case the Elliott Wave count fails, we have a backup plan of that support level . Buy EURCHF 1.0810
Stop loss 1.0785
Take profit 1.0870 (2.4R) RR Ratio 1 : 2.4
Use only 1-2% risk
Good luck