Bat Pattern within the Triangle in the e leg - CADCHF Setup
Hi everyone,
This week has been quite slow.
Now at the end of the week the trade that I've been waiting for the whole week is about to hit entry.
This setup is so powerful that I'm gonna have multiple entries at different levels, so in case the price doesn't get as low as I planned, I don't miss it.
As I posted in a separate idea, CADCHF had been stuck within a bullish Symmetrical Triangle for quite some time.
Now we are at what seems to be its last leg (leg e) and after it hits the lower trendline of the triangle we expect the price to turn and blow the upper trendline for a bullish move.
I don't want to go off-topic by talking about the higher time frame targets using Elliott Wave principle, but I'd just say that the midterm trend is also bullish. Which confirms the long entry.
As you all know, the bat pattern completes at 88.6% retracement of the previous up-move.
But most of the time the price doesn't get to this level. So we don't want to miss an awesome trade just to get a 10% better price.
As I said earlier, I have multiple entries.
One at 0.84490 = Lower trendline contact
One at 0.84220 = 88.6% retracement (Bat Entry)
Both stops under the previous low (leg c) @ 0.8387
First target is near the previous high at 0.85420
Second target is near the next high at 0.86000 (which is also a round number and probable resistant)
Now let's wait and see what market has for us.
Until next time, take care of your money.
This week has been quite slow.
Now at the end of the week the trade that I've been waiting for the whole week is about to hit entry.
This setup is so powerful that I'm gonna have multiple entries at different levels, so in case the price doesn't get as low as I planned, I don't miss it.
As I posted in a separate idea, CADCHF had been stuck within a bullish Symmetrical Triangle for quite some time.
Now we are at what seems to be its last leg (leg e) and after it hits the lower trendline of the triangle we expect the price to turn and blow the upper trendline for a bullish move.
I don't want to go off-topic by talking about the higher time frame targets using Elliott Wave principle, but I'd just say that the midterm trend is also bullish. Which confirms the long entry.
As you all know, the bat pattern completes at 88.6% retracement of the previous up-move.
But most of the time the price doesn't get to this level. So we don't want to miss an awesome trade just to get a 10% better price.
As I said earlier, I have multiple entries.
One at 0.84490 = Lower trendline contact
One at 0.84220 = 88.6% retracement (Bat Entry)
Both stops under the previous low (leg c) @ 0.8387
First target is near the previous high at 0.85420
Second target is near the next high at 0.86000 (which is also a round number and probable resistant)
Now let's wait and see what market has for us.
Until next time, take care of your money.
