Hello,
The CADCHF pair is seeing strong support around .6500. The support was found on May 4th this year (2023), and being tested again July 18th up still now. Lots of Doji's showing indecision, so stuck in a range.
Like all trades, we'll see candlestick confirmation on the Daily to support or invalidate our biases. For this one, lots of bullish wicks indicating buying pressure, but the bears are still fighting. So, if the bears decide to TP around the .6500 area, then expect a quick turn to the upside as a lot of bulls have already entered.
This is my first post.... Enjoy!!
The CADCHF pair is seeing strong support around .6500. The support was found on May 4th this year (2023), and being tested again July 18th up still now. Lots of Doji's showing indecision, so stuck in a range.
Like all trades, we'll see candlestick confirmation on the Daily to support or invalidate our biases. For this one, lots of bullish wicks indicating buying pressure, but the bears are still fighting. So, if the bears decide to TP around the .6500 area, then expect a quick turn to the upside as a lot of bulls have already entered.
This is my first post.... Enjoy!!
Note
I am still bullish here as the range continues, so as always, we'll wait and see what the market wants to do:Note
Per the daily, closed nice today above last 3 weeks range... possible Long with TP at trendlineNote
Bulls may take over soon... price is playing around with the 200 MA line on 4hr chart, so we'll so if it breaks above the nice bullish candle on Aug 31.Order cancelled
Furthermore, per the Weekly, all candles are Doji's. Price is slowly retracing, so Bulls may take over soon. Though, maintain caution when trading against the trend as it may be temporary.As it's getting closer & closer to the bearish trendline, at this point, I'd wait to see reaction off the trendline as it hit 3 times already. Then, continue with another sell.
So, for now, this Idea has been invalidated as bulls are taking too long to enter, and so many Doji's showing too much indecision.
Note
Today, Sep 8 2023, the bulls might be coming back!If today closes around where it is now, or higher, then would likely open buy position for next week.
Trade active
From last weeks candle, the bull move is looking good. Please always respect the trend! As such, if anyone else does buys for this pair, should only be considered short-term unless proven otherwise.Note
Last week we had a good bullish candle!This looks to have breached to bearish trendline. And for stoch on weekly, the K line crossed above the D line and lower band, indicating a bull market emerging.
This could be a good long position with TP at nearest resistance around .6810, for ~170 pips!
Note
After 8:00EST US market open today, bullish momentum is continuing. For swing traders, if you have a long position open as of Friday or today, I'd hold it for at least this week. Given it's in overbought levels per BB and Stoch, though, could rise fast.As always, we'll take it day by day -- ride our winners and cut our losers!
Trade safe, Jason.
Trade closed: target reached
Looks like we've hit our target!Gains may continue given strength thus far, but given daily & weekly still below 200 MA, we'll close out... nice job everyone!!
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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.