My take on CADCHF,( i try not to over-complicate things)
Like i said "i try not to over complicate things" but then again i have the tendency to do so even without trying. However we have some interesting things going on in cadchf. This is one of my favourite pairs but i have been trying to avoid car for the past couple of weeks since i got stopped out almost everytime i got on cad trade. However lets talk about this trade
Firstly we have a falling wedge, with its target close to the 1.27 extension which is also a fresh supply level from August, 2015. Now within the wedge we might probably have an abcd pattern with its completion at 1.27 extension which is a previous Supply. Now i dont want to be very speculative but this is how i feel that the price action might play out. we might probably have a 3 drive pattern which might put the price back on the upper trendline of the falling wedge and that when i would like to get into this long trade.
I might just be completely wrong and price might just shoot up like a rocket.
But this is my take on this pair
Best of luck :)
Firstly we have a falling wedge, with its target close to the 1.27 extension which is also a fresh supply level from August, 2015. Now within the wedge we might probably have an abcd pattern with its completion at 1.27 extension which is a previous Supply. Now i dont want to be very speculative but this is how i feel that the price action might play out. we might probably have a 3 drive pattern which might put the price back on the upper trendline of the falling wedge and that when i would like to get into this long trade.
I might just be completely wrong and price might just shoot up like a rocket.
But this is my take on this pair
Best of luck :)
