Multiple Timeframe Agreement on CADCHF - further description
Shorting based on on using the linear regression channel to establish value for money.
The price was overbought on the daily and H4 (i.e. interacting with the upper linear regression channel). The previous two days candle have been toppy and interacted with previous support and resistance areas. This adds weight to the decision to short, as well as a reference point for the stoploss (above the daily candle on the 11th June).
The lower timeframe (h1 and 15min) have a double top, and viably started to my lower highs.
Entry at time of recording is slightly aggressive. A more conservative trade would be waiting for the price to move passed the support evident on the lower timeframes.
Entry: 0.7463
Stoploss: 0.7495
Initial Take Profits Target: 0.7425
Initial R:R: Roughly 1:1
The price was overbought on the daily and H4 (i.e. interacting with the upper linear regression channel). The previous two days candle have been toppy and interacted with previous support and resistance areas. This adds weight to the decision to short, as well as a reference point for the stoploss (above the daily candle on the 11th June).
The lower timeframe (h1 and 15min) have a double top, and viably started to my lower highs.
Entry at time of recording is slightly aggressive. A more conservative trade would be waiting for the price to move passed the support evident on the lower timeframes.
Entry: 0.7463
Stoploss: 0.7495
Initial Take Profits Target: 0.7425
Initial R:R: Roughly 1:1