CHFCAD trade ideas
The chart shows my estimation of CadChf's price action The chart shows my estimation of CadChf's price action based on Elliot wave perspective coupled with waves RSI and Ichimoku cloud properties .
I also use KCT (Kennedy Channeling technique )and Fibonacci.
Here the fifth wave is running with its extension into minor five waves .
We could see price bounce after the completion of the Last minor fifth wave .
CADCHF at Major Support Level – Bullish Rebound ExpectedOANDA:CADCHF is approaching a significant support zone, marked by prior price rejections and strong buying pressure. This area has historically acted as a key demand zone, indicating the potential for a pullback if buyers regain control.
The current market structure suggests that if the price confirms a rejection from this support zone, there is a high likelihood of an upward move. I anticipate that if rejection occurs, the market may head higher toward the 0.62870 level, which represents a logical target within the current market structure.
If you agree with this analysis or have additional insights, feel free to share your thoughts in the comments!
CADCHF LESSONUnderstanding the nature of price is crucial for any trader aiming for long-term success.
While mechanical trading systems can provide structure, relying solely on them may overlook the underlying market dynamics that drive price movements.
By grasping the nuances of price behavior—such as support and resistance, market sentiment, and economic influences—traders can make more informed decisions.
This deeper awareness allows for greater adaptability, enhancing the ability to recognize opportunities and manage risks effectively.
In essence, merging price analysis with mechanical strategies creates a more holistic trading approach, empowering traders to navigate the markets with confidence and insight.
CADCHF is bearishthe pair has made two top as reversal pattern .we have noticed a candle with high shadow named as operating candle before heading south .
using LuxAlgo indicator to specify supply and demand zone we are observing that the zone is coinsiding with the fibo level as target area
let's see what the market will play out
CADCHF – BOS and bearish continuation .. the week of 24 Feb Weekly – bearish.
Daily – bearish after a break of structure (BOS). Price below 200sma.
H4 – bearish (visible sequence of lower highs and lower lows).
Price has broken below a significant support/resistance area that has been tested multiple times. This break below also occurred with momentum as you can see from the large red candle. I expect a pullback to the zone (marked in green) and if that happens, I will be looking for signs of a bearish continuation.
If a short trade does set up, my stop would be placed above the recent swing high and an initial target at 0.62580 with the potential to go down to 0.6200.
This is not a trade recommendation, merely my own analysis. Trading carries a high level of risk, so only trade with money you can afford to lose and carefully manage your capital and risk. If you like my idea, please give a “boost” and follow me to get even more. Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros