CADCHF Forming Double Bottoms at all time lows.
Higher Time Frames shaping up for a possible long position.
> Quarterly chart has hammer reversal inside bar at all time lows
> Monthly deceleration, bullish macd
> Weekly forming double bottom. Waiting to see some deceleration/ candle reversals. Forming bull macd.
> Daily about to hit recent all time lows. Will wait and look for deceleration, price action ( mini double bottom, false breakout to downside then bullish momentum, ..ect), and candle reversals.
> Target 1 - Weekly 0.618 Fibonacci. Also is 0.618 Fibonacci extension.
> Target 2 - Daily/Weekly recent highs & resistance zone.
At this point price can continue lower with the bearish trend, but has potential for bullish run if the right conditions form as stated above. Also Weekly price could breakdown lower then recent lows, decelerate and reverse to the upside, forming a quarterly low-test for Q3.
> Quarterly chart has hammer reversal inside bar at all time lows
> Monthly deceleration, bullish macd
> Weekly forming double bottom. Waiting to see some deceleration/ candle reversals. Forming bull macd.
> Daily about to hit recent all time lows. Will wait and look for deceleration, price action ( mini double bottom, false breakout to downside then bullish momentum, ..ect), and candle reversals.
> Target 1 - Weekly 0.618 Fibonacci. Also is 0.618 Fibonacci extension.
> Target 2 - Daily/Weekly recent highs & resistance zone.
At this point price can continue lower with the bearish trend, but has potential for bullish run if the right conditions form as stated above. Also Weekly price could breakdown lower then recent lows, decelerate and reverse to the upside, forming a quarterly low-test for Q3.
Trade closed: target reached:
As per my last update, I was looking for a break and retest of 0.70100 (Target 1) and price did just that. Resistance turned into support and price retested this level with deceleration & doji reversal, then popped to my Target 2.
It took 7 months for the trade to work out but as they say, patience pays.
Too bad I couldn't catch it from the bottom like I wanted, but a nice quick trade once the entry developed.
It took 7 months for the trade to work out but as they say, patience pays.
Too bad I couldn't catch it from the bottom like I wanted, but a nice quick trade once the entry developed.
At this point, price is ugly. Quarterly, monthly, weekly chart not showing anything strong. I will look for another rejection to form at 0.68000 / 0.66500 support if price moves back down. If price just keeps moving up, we could get a break and retest of 0.70100 (Target 1, resistance turned into support) and a run to Target 2.