NZD/CHF buy setup

4 sept. 2018

Possibly just a scalp. I would expect a larger reversal pattern to form if we are going to get the deeper retrace. Still above the 1.236 extension and .618 level (Refer to my weekly chart). But we are at the trend line of wave channel along with a more major pitchfork and when I measure and count out the 5 waves down I see it at a spot for 2 possible 23-38% retracements of different degrees. I highlighted in turquoise the shorter term levels to look to. I highlighted in white what I see as any potential buy levels. I call this a "buy setup" because if it breaks out of trend line you can still get a very small correction and one more down but this is the type of setup you could still possibly scalp and be back out of it if that happened. That price action channel and break of the low is what peaked my interest. We still lack a wick on the daily but have a few major fib levels below for price to wick off.