Market Outlook and Analysis (Oct2019 Week2)
Currency Pair: CADCHF
Technical Analysis – CADCHF
CADCHF H4 Chart: (Trade Review) – Type 2 Entry, hit Stops with a loss of -50pips
CADCHF went back up to test the Bearish Bat PRZ again that gave us the opportunity for a Type 2 Short entry. My stops were placed too aggressively and was taken out. On hind sight, stops could have been at the original levels to give the trade more breathing room.
CADCHF D1 Chart: Potential move towards 0.7380 & 0.7300 Support
CADCHF seems to be respecting various Horizontal levels. Potentially see more downside as it is still in play and we could potentially see price going towards the 0.7380/00 levels.
CADCHF H4 Chart: Trade what we see !!
With the pair well resisted by the 0.7550/70 levels, we have a Bearish Shark Pattern completing at those levels. I would be interested to look for a shorting opportunity as price moves towards that zone. Targets being as low as 0.7380 / 0.7300 would give us an extremely good risk to reward ratio.
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