Long

CADCHF

Updated

Not too long ago I had published an idea about the FX:CADCHF. Go check it out! However, I never took my eyes off of it, and due to that it made me dig deeper from a higher perspective... I came to the conclusion that this particular pair recently experienced something that's more than likely going to shift it's momentum for some time.

My reasoning..

Daily:
1. P.A. swept EQ highs
2. V shape pattern (bull's favor)
3. Bullish market structure

Weekly:
1. Strong bullish momentum after lowest point in the market.
2. Demand formed (untouched)
3. P.A. is set to reclaim a previous key level to the upside.
4. Triple key lows swept (liquidity grab)

Monthly:
1. After break of current L.H. (0.6898) the trend flips.
2. P.A. hit lowest levels in the market a couple months ago.

For these reasons I am bullish. Even though this isn't a currency pair I track & trade, this is me making an exception. I am publishing this for me, personally, but feel free to tag along if you like!

P.S. If ever curious about anything, ask.

Note

After the break of the L.H. (0.6898), I believe price's next hurdle would be the 0.7371 - 0.7438 range. It'll more than likely start to retrace from that area. We shall see..

Note

Since I plan on tracking & trading this pair for the long haul, the lowest time frame I'll analyze is the H4.

Currently:

Monthly - Bearish 🐻
Weekly - Bearish 🐻
Daily - Bearish 🐻
H4 - Bearish 🐻

Since I'm looking to take it in the opposite direction, I'll patiently wait, and consistenly analyze it until I feel it's time to make my move.

When? I'll have to see a key level get taken out by an impulsive move in the opposite direction.

Where? It'll have to 1st take place on the smallest chart I'm analyzing, which is the H4.

I'll then look to see the asset's price action cascade to the bigger time frames. We shall see..

Note

P.A. broke a key H.L. on H4, June 8th. I'm anticipating price to sweep the current highs touched, and untouched (0.6804 - 0.6814) in order to run it to the low, which is 0.6638. The low is also within an untouched weekly demand.

Note

Currently:

M - 🐻
W - 🐻
D - 🐂
H4 - 🐻

Note

Structures are being broken to the downside. I anticipate the daily key low to be broken sometime this week.

M - 🐻
W - 🐻
D - 🐂
H4 - 🐻

Note

Daily key level broke on the H4, which means it'll more thank likely close bear on the daily at 5PM. This would signify that all timeframes analyzed (monthly-weekly-daily-H4) are now bearish.

This is what I want, so it can drop around it's lowest point and then bullish impulsive to the upside. That would alert me of the trend changing once a key high is broken.

Note

M - 🐻
W - 🐻
D - 🐻
H4 - 🐻

All time frames are now bearish. I'll wait for a break of a key level.

Note

A break of the 0.6531 on the H4 will flip it from bearish to bullish. Price already swept the lows. Bullish sentiment.

Note

The 30M key level was broken on the 18th, which flip the trend from bearish to bullish. Yesterday, the key level for the H4 was broken as well, so now the 30M & H4 are now bullish.

Time for me to look for opportunities. 👀

P.S. The 30M was used to zero in on price action.

Note

A break of the 0.6780 level will flip the daily from bearish to bullish. I look to see price action cascade from the H4 to the daily. Patience.

Note

New trading week:

Monthly - Bearish 🐻
Weekly - Bearish 🐻
Daily - Bearish 🐻
H4 - Bearish 🐻

Note

It might be ready to start heading to the upside, finally! 👀

New trading week:

Monthly - Bearish 🐻
Weekly - Bullish 🐂
Daily - Bullish 🐂
H4 - Bullish 🐂

ChrisJTradesFX

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.