This idea is based on a combination of Elliot wave theory, Median line analysis and Fibonacci ratio's. The rationale behind this setup is shown on the chart along specific targets and stop losses. If you are about to copy this setup, please do so at your own risk. Good Luck
I really like this setup on CADCHF. First, we're seeing signs of CAD strength across the board; in fact I have a short GBPCAD position on as well. Moreover, price is clearly in an uptrend on CADCHF, and the pulllback since early July allows swing traders to buy the dip. I've got an order to go long at support at 8290, with a fairly tight stop (from the perspective...
CADCHF..preferred to sell below 8325 or at 8390 if i see resistance and here are the reasons :
1- X A B in black now fibonacci 78.6 from X A beside three impulsive waves from A .
2-Completion of five waves.
3-Three days of weakness.
4-fibonacci retracement extension from RED A B 161.8.
5-Weakness in the...
CADCHF is still trading in channel. The 833 level seems to be a strong res. PA is currently trading at 835 levels and still no strength to make new highs. With nice RSI divergence a ret. to 8284 or 824 should happen soon.
Are we good to go? Is it a higher low, nicely placed at the lower median line parallel of the blue fork? It looks like CADCHF has found nice support at the 0.382 retracement, which is way above the half-way of the May rally and thus seems to be a factor conducive to further up trend advancement. I find the CAD to be very strong and to have a lot of latent bullish...
One of the strongest trends of the recent days have allowed this market to recover more than 61.8% of the last swing down (seen on a daily chart). Now 0.83 is in sight. It can be reached and breached, as such strong markets tend to test the upper median line parallel.
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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume...
This is an added comment to an idea published by Razvan titled "CADCHF - BEAUTIFUL PRICE ACTION "
A Well formed and long lasting downward channel plus an inverted Head and Shoulders. Confirmed trade target with Fibonacci Retracement and Extension.
Look at this beautiful price action. The price is pressuring on the trend line of a down channel and the base line of an Inverted Head and Shoulders. If it will manage to break and close above this area we could expect a rally to 0.8527, where it will find the price pattern's target. A false breakout here could only signal a continuation of the down trend.
