CADCHF S/R Flip Retest| Structural Resistance| Long Trade Setup
Evening Traders,
Today’s analysis – CADCHF –broke local resistance from oversold conditions; next technical target is at structural resistance.
Points to consider,
- S/R Flip retest
- Structural resistance (trade location)
- RSI above 50
- Stochastics in an rising wedge
CADCHF needs to put in an S/R flip retest to validate support, this retest will allow for a long entry with defined risk.
The immediate target is structural resistance; a back test of this trade location is likely due to the initial impulse move down.
The RSI is above 50 after recovering from oversold conditions whilst the stochastics is in a valid rising wedge formation. A breakdown is likely which will coincide with the S/R flip retest.
Overall, in my opinion, CADCHF will likely put in a retest at local support allowing for a long entry. Risk will be defined by the recent swing low.
What are your thoughts?
Please leave a like and comment,
And remember,
“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas
Today’s analysis – CADCHF –broke local resistance from oversold conditions; next technical target is at structural resistance.
Points to consider,
- S/R Flip retest
- Structural resistance (trade location)
- RSI above 50
- Stochastics in an rising wedge
CADCHF needs to put in an S/R flip retest to validate support, this retest will allow for a long entry with defined risk.
The immediate target is structural resistance; a back test of this trade location is likely due to the initial impulse move down.
The RSI is above 50 after recovering from oversold conditions whilst the stochastics is in a valid rising wedge formation. A breakdown is likely which will coincide with the S/R flip retest.
Overall, in my opinion, CADCHF will likely put in a retest at local support allowing for a long entry. Risk will be defined by the recent swing low.
What are your thoughts?
Please leave a like and comment,
And remember,
“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas
Join my free telegram! t.me/chartdoctorsanconsultants
Follow me on Twitter! twitter.com/pinkdawn__
Follow me on Twitter! twitter.com/pinkdawn__
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.