CADCHF - Look out for this before selling!

FX:CADCHF   Canadian Dollar/Swiss Franc
Hey guys, am watching CADCHF             closely for the next few hours.

I see a bearish shark completing at the extreme of a daily down-sloping ED channel.

This is a perfect setup for me.

Next, I will monitor some form of RSI divergence upon retest/rejection of 0.7570-0.76 before executing my short.

Trade will be invalidated if price just break above this zone convincingly.

If this trade gets executed, this will be the ideal levels.

EP: 0.7570
SL: 0.7630
TP: 0.7350
Comment: This is the reason why pending orders are not recommended!

Right now we are at this PRZ zone.

We have to watch over the next few hours if price will reject $0.76 and fall below the PRZ.

That is when I will enter my short.

Else this is a PRZ breakout move and it is gonna have a huge move upwards.
Comment: Very nice, we have a false breakout yesterday.

Have put in a pending order to short at $0.7570.
Comment: Sorry, this is the correct link.

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Hi Terry,
I think your R&R should have been Short not long ?
ops, used the wrong tool. Too late to change now, but yes, I am intending to short.
Hi Terry,

Taking this trade with you lets see how it goes :) Good Luck everyone

Updates @ 20/10/2016!
+1 Reply
Terry bro, great anaylsis.
I went in on the 1st test at 0.755. the 2nd test forming the ''head'' gave me a real scare. Almoost stopped out.

You always mention divergence. does it means:

Trading in H4 chart, you look for divergence in H1? RSI goes OB on 1st test & RSI for 2nd test is lower than that of 1st..?
Execution tf is h1. So u wait for the bar to complete forming. Check for divergence only after h1 candle is complete.
junming1985 TerryHarmonicTrading
Understand. Divergence can happen in H4 even thou execution TF is H1 right bro?

Also if price moves down & touches your projected 1st TP zone (Fib 5) will you still consider a pending order at 0.757?
It depends. For this setup, even if it hits tp1, it is still at a good lvl relative to the h4 channel. I could still go short.

Some setups, tp 1 is already at bottom, so no shorting unless there is new pattern completing.
nice techniques. followed.
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