CADCHF: Great risk reward long

FX:CADCHF   Canadian Dollar/Swiss Franc
94 9 10
Simple setup, buy a retracement after the weekly bar closes.
Time and price target on chart.
Linear regression , highest high and low, and lowest high and highest low channels for potential speed lines/pathways.
Moving on up as expected, buying at 0.7309 was a good idea.
Hi, Ivan, when you want to buy it, how low do you think it can go?
+1 Reply
IvanLabrie ForceFollower
+1 Reply
IvanLabrie ForceFollower
I'll try a short first, to ride the retracement.
In case the long setup fails, we'll already be well positioned for a nice drop.
The blue lines might serve as support below.
+1 Reply
ForceFollower IvanLabrie
Thanks for your chart and comment. In a close-up of H4 time-frame price may follow a pitchfork to its median line. But if the bullish momentum is strong and durable, there'll be no mercy for the bears.
+1 Reply
ForceFollower IvanLabrie
+1 Reply
IvanLabrie ForceFollower
Nice paralell ;)
I'd like to buy a pullback here, we'll see. We can always stop buy above the high, and average the entry...I've done it countless times when I thought it was too good to be left out.
+1 Reply
ForceFollower IvanLabrie
Yeah, I know the feeling. I hate being left out. So - a good idea.
+1 Reply
IvanLabrie ForceFollower
As long as it's a very fast move, and I get in early on...there's no prob.
May we have some green pips this week mate ;)
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