another chart today, this time it's CADCHF's turn. As you can see the daily chart is giving us multiple reasons to look for long opportunities, and pay attention to the "look for" verb, it doesn't mean we're going to take the trade with no confirmation (since we're on the daily i don't trade patterns on the daily itself). Instad, i've outlined the...
Potential Inverse Head And Shoulder on the 1D and 4H timeframe, waiting for more of a confirmation of the H&S to continue playing out before taking a position to attack previous high of 0.77245, BANK HOLIDAY Monday so no positions will be taken.
just wanted to share with you this Gartley formation that i think may be good to take. The bllue box represents a higher structure level and so the likelihood of this trade is increased by this factor.
Stops above X, targets as usual for harmonic patterns.
If you want to share your view, or simply ask questions, feel free to comment below.
This is a great opportunity for a very long-term LONG position. The pair has been in a strong downtrend since 2008. From Feb 2016 it has shown strong bullish action focusing on the candlesticks. I believe it could hit the weekly resistance and bounce off to now begin either a uptrend or consolidation.
i want to share another type of analysis today that i really enjoy doing: it is called CTS and it stands for Combined Tecnhical Score. It basically consists on finding more reasons all together in order to increase the likelihood of the trade itself.
First, i want to select my trading zones by using higher timeframe structure: the blue box i've drawn...
Been watching this pair for a while now, looks as if it's in a descending channel on the daily and 4hr but there is confluence of potential upside as there were many wicks thrown down on the 61.8 upward fib but after a potential breakout to the upside it seem's chf was to weak to push cad up. There is a typical reversal patten on the 4hr bullish candle, doji, then...
CADCHF during the night was hammering on a Fibonacci Resistance and bouncing between Fibonacci Clusters and the Indicators were showing Divergence.
Decided to go for a Swing trade and Compound ~0.7662
SL just above the resistance
Fibonacci levels did their job properly this time
Let's see if the pair continues its rally short
Impossible not to notice the uptrend on CADCHF the last two days; I would say this is a physiological retracement after a whole week trending down.
This is still well within the trendline and which is furthermore following a Fibonacci pattern so far.
The Fibonacci retracement on the H4 zoom shows the Fibonacci retracement as...
Cadchf trading around 0.7600 where above 0.77 Strong Selling pressure we can see as many times in months its push up above 0.77 but could not hold above for now if hold below 0.7750 level we can see it toward 0.72-0.74 level
Advice to sell in range of 0.76-0.7680 sl above 0.7770 TP1 0.74 tp2 0.73