FX:CADCHF Canadian Dollar/Swiss Franc
CADCHF forming a simetrical triangle in 4H.
- Symetrical triangle created after a downtrend followed by a consolidation zone.
Re-test done in the upper trendline with a candle.
We are in a downtrend, so look for downtrend breakouts. In this trade we go for the retest in the down trendline, not for the breakout.
SL in the last high
TP2 in a prior
TP1 is 50% movement to TP2. Once TP1 is reached, we move SL to 40% movement for a 40% gain.
We will follow the trade and if momentum is strong reaching TP2, we can extend TP2 looking for a triangle breakout.
Trade closed: stop reached: Trade hit SL. Have to trade patterns once a breakout is made, not trying to follow the moves inside them. Won't do it again