Hello Traders,
CADCHF is passing the vibe check for next week. As we all know, this pair dumped into a level it has never gotten to before and rallied. Now, this doesn't mean that it can't continue lower, but if you look at last week's candle, you will see the strong buying pressure which is depicted by the wick of the candle and I expect that at the start of next week, price is likely to trade into the wick before the rally to the upside.
Another reason why I expect the price to rally from my POI as marked on my chart is due to the equal highs (liquidity pool) that I have marked, which is usually attractive to price. Also if you look left, you'd notice that there is a trendline liquidity pool just below a daily FVG (see daily timeframe for clarity) which gives price more reasons to rally.
I would update you guys by next week if this move is still valid based on how the price moves.
Also, I would really appreciate it if you follow me on Twitter: twitter.com/jabariofafrica
Let me know what you think of this idea if you also have CADCHF on your radar.
I would be posting more trade ideas for next week. STAY TUNNED!!!
Cheers,
David
CADCHF is passing the vibe check for next week. As we all know, this pair dumped into a level it has never gotten to before and rallied. Now, this doesn't mean that it can't continue lower, but if you look at last week's candle, you will see the strong buying pressure which is depicted by the wick of the candle and I expect that at the start of next week, price is likely to trade into the wick before the rally to the upside.
Another reason why I expect the price to rally from my POI as marked on my chart is due to the equal highs (liquidity pool) that I have marked, which is usually attractive to price. Also if you look left, you'd notice that there is a trendline liquidity pool just below a daily FVG (see daily timeframe for clarity) which gives price more reasons to rally.
I would update you guys by next week if this move is still valid based on how the price moves.
Also, I would really appreciate it if you follow me on Twitter: twitter.com/jabariofafrica
Let me know what you think of this idea if you also have CADCHF on your radar.
I would be posting more trade ideas for next week. STAY TUNNED!!!
Cheers,
David