Stethostrade
Long

U-Shape Reversal? Possible Opportunity for LONG!

OANDA:CADCHF   CAD/CHF
Last week, Swiss currency is the strongest of all and we expect it currently in its exhaustive phase in the coming weeks.

We could take this opportunity to capitalize on other currencies.

At weekly TF, CADCHF is trying to make a U-shape pattern and this would be a great opportunity for long with good risk to reward ratio.

This is a long term idea.

The whole setup is invalid if the price breaks the key level or 0.68870.
Trade active: Boom! Just Hit TP 1.

Now making pullback at monthly corrective channel @ lower TL before continuing the 3rd bullish elliot wave entering back into the monthly channel.

You can place your entry at 0.6940. Next TP is at TP2 with the same SL.

All the best
Trade closed: stop reached

Comments

where did you put your Fibonacci retracement graph from because I can't see why your 0.618 level is there?
+2 Reply
where do you get the monthly channel from doesnt seem to be many touches
+1 Reply
@leadman, bro it doesn't have to be specifically many touches. Suffice to say it touch minimum 2 points and most importantly price MOVES within that channel. You can't be perfect though
+1 Reply
What do you mean by "exhaustive phase"? I am new to trading :D
+1 Reply
wow . you are the best . thanks for this great analys
Reply
Egiss mohammadbabaeig80
@mohammadbabaeig80, wow, his totally wrong
Reply
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