CADCHF: A Pullback Trading Opportunity
-INTRODUCTION-
Last week, CADCHF has reached a new higher high at 0.7800 level. As we forecasted in our previous CADCHF analysis, we expected the price to retrace and retest the support level of 0.7500, which is also the previous resistance level that was tested multiple times. The price nicely retraced and now we will look for a consolidation pattern and a breakout to enter buy positions.
-TRADING PLAN-
We will observe for a consolidation/reversal pattern in the lower time frame (1 hour chart) at the 0.7500 support level. After a clear breakout from the pattern, we will then place our buy orders at the neckline level to capture the retest. We expect at least one more retest of the recent high at 0.7800 level (300 pips above).
Check out our recent CADCHF and other similar pullback trading ideas below :)
Last week, CADCHF has reached a new higher high at 0.7800 level. As we forecasted in our previous CADCHF analysis, we expected the price to retrace and retest the support level of 0.7500, which is also the previous resistance level that was tested multiple times. The price nicely retraced and now we will look for a consolidation pattern and a breakout to enter buy positions.
-TRADING PLAN-
We will observe for a consolidation/reversal pattern in the lower time frame (1 hour chart) at the 0.7500 support level. After a clear breakout from the pattern, we will then place our buy orders at the neckline level to capture the retest. We expect at least one more retest of the recent high at 0.7800 level (300 pips above).
Check out our recent CADCHF and other similar pullback trading ideas below :)
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.