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