2018Oct24 CADCHF H4 Double Bottom-2618

CADCHF is above the 200 SMA and formed two double bottoms. Likewise, price has broken and closed above the trendline resistance. Price entry is set at the 61.8 Fibonacci retracement level of the 1st double bottom from which we can see price bounced nicely. I will place a buy limit order at that level. Stop loss is just below the 2nd double bottom while the take profit target is set at the swing high of the 1st double bottom. I will cancel the pending order if price goes to TP1 before getting triggered. Trade details are as follows:

Trade Setup: Double Bottom-2618
Price Entry 0.75961
SL 0.75790 | SL pips 17.1
TP1 0.76662 | TP1 pips 70.1
RRR1 4.10