CAD/CHF SETUP (DAILY) - POSSIBLE ENTRY, STOP LOSS INCLUDED

Hello all!

I have another setup for you this morning. As you can see on the Daily chart, a bull flag has formed for this pair.

We will be interested in entering long on a breakdown of this flag. So far today, price has supported the upside momentum we are looking for, however, this should be sustained throughout the day in order to maintain our bullish bias.
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(possible) Entry: (1) Use Yesterday's High as a trigger for entering this trade; OR (2) Wait to see whether upward momentum is sustained today, and enter on upside momentum tomorrow (however, make sure price isn't extended at that point)

(possible) Stop loss: 0.7544

(possible) Take profit: Take partial profits at the pivot high of the trend leg - 0.7612 - from there after trail stops.

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Remember, only use this trade idea in line with YOUR OWN trading strategy. This is the bare bones of an idea that should only be implemented in conjunction with your own trading system.

Also, PLEASE KEEP IN MIND the economic data concerning Canada that will be coming out this morning. This may cause whiplashes or a reversal in the trade.

Happy trading!

Comment:

Hello, just an update for this trade setup.

Yesterday's price action just peaked very slightly above previous day's high, before selling sharply (intraday). I was watching this level as a possible entry, but momentum didn't hold, therefore not triggering me in.

The bull flag is still intact, so you can still look to be long on a breakout.

Comment:

This trade setup is no longer valid. There was no sustaining momentum and therefore no entry.

You can take it off your list.