Update: CHF/NOK Approaching Long at 5.8200

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Last Updated: 10 min ago

Yesterday we featured a bullish Gartley forming on the CHF/NOK (  CHF/NOK Approaching Long at 5.8200 ).  The trade has seen support quickly, and we must move our profit targets up because the actual Point D is higher than our estimated Point D.  Our new profit targets are 5.8986 (38.2% of CD) and 5.9525 (61.8% of CD).  If the pair gaps down over the weekend, however, we will move the profit targets to their orginal levels.

For those who have not entered this trade, it is still possible to enter if the pair drops back below 5.8200.  However, if the pair rises to T1 (5.8986) before entering, then it is no longer prudent to enter this trade.  

We can still buy the CHF/NOK if the pair falls to 5.8200 (Point D).  Point D is located at the convergence of the following points:

  • 78.6% Fibonacci retracement of XA.
  • 127.2% Fibonacci extension of BC.
  • AB=CD.
  • 50% Fibonacci extension of YZ on the Daily Chart.
  • If RSI falls below 30.
  • For those who have not entered yet, we will look to buy the CHF/NOK at 5.8200 with our stop placed at 5.7717.  Our initial profit targets are 5.8986 (38.2% of CD) and 5.9525 (61.8% of CD).


      • Daily Chart - Entry occurred at 50% of YZ.

      • 8hr Chart - Bullish Gartley; buy at 5.8200.

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    • 87.43
    • 86.86
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    •  
    • current
    • high
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    • EUR/USD
    • down
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    • 1.2791
    5 min chart
    • GBP/USD
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    • 1.5180
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    5 min chart
    • JP Stocks
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