Hi Traders,
following my trading ideas to the minor pair CAD/CHF for the next week. At first we should say that this pair is moving sideways for 5 years (since 2015). This makes it kind of difficult to tell the direction of the market.
With the closing of the market on Friday we are facing a huge resistance level round about 0.74936.
In my chart you can see two options:
1. LONG: Turning at the current resistance level and move in direction to price level 0.76152
2: SHORT: Breaking through the current resistance level in direction to the short term price level at 0.74338 and long term price level at 0.73603.
I believe in the continuing of the current short movement (Option 2). We have got 3 strong bearish candles and strong bearish momentum with the closing of the market on Friday. So if you ask me, after building of the tripple top last week we will see the short movement to the first price level on 0.74338 breaking the pattern line and continuing to 0.73603.
Its pretty easy to trade this pattern with the confirmation by the next candle and make sure to set a tight stoploss for this trade.
Feel free to share your thoughts!
Best,
Lukas
following my trading ideas to the minor pair CAD/CHF for the next week. At first we should say that this pair is moving sideways for 5 years (since 2015). This makes it kind of difficult to tell the direction of the market.
With the closing of the market on Friday we are facing a huge resistance level round about 0.74936.
In my chart you can see two options:
1. LONG: Turning at the current resistance level and move in direction to price level 0.76152
2: SHORT: Breaking through the current resistance level in direction to the short term price level at 0.74338 and long term price level at 0.73603.
I believe in the continuing of the current short movement (Option 2). We have got 3 strong bearish candles and strong bearish momentum with the closing of the market on Friday. So if you ask me, after building of the tripple top last week we will see the short movement to the first price level on 0.74338 breaking the pattern line and continuing to 0.73603.
Its pretty easy to trade this pattern with the confirmation by the next candle and make sure to set a tight stoploss for this trade.
Feel free to share your thoughts!
Best,
Lukas