itaskar
Long

morning star/resist become support area

FX:CADCHF   Canadian Dollar/Swiss Franc
134 13 4
opened small long, expecting retrace where I will add. Will watch this 240 for adding:

Daily close below morning star shadows will open way to 0.75600 and 0.74500 area.

If resist. @ the orange S/R line doesn't hold, expect a breakout from fork & strong move up

+1 Reply
itaskar ForceFollower
yep, nice builded resistance area in 1h, expecting move down to support levels
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Hi, price hardly broke through the lows. And then the demand picked up, as you expected previously! I'm mad at me, because I missed it - I could have exited at the lows (my take profit order was just a few pips below). Now it looks like the whole move down is over and done.

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Perhaps this sloped S/R line is going to hold.

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still watching this pair for long setup, daily close was not very convincing , just 10 pips below pattern, correlating pair EURCAD is still at daily resistance
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Indeed, I'm concerned by the fact that there's been no follow-through after the Friday sell-off. I am looking to exit my short position at 0.7582, well above 38.2% retracement, before any rally you expect to develop happens.
+1 Reply
itaskar ForceFollower
I really like this confluence, 50MA retest after a break, fibo level and support area, so no trade until signal.
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And your stoch. says it's oversold... Good news for CHF at 9:00 turned out to weaken it, which surprised me. Here's how CADCHF has been following th down fork.

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Price also found support at the median line of this down fork.

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Based on the Japanese charting techniques, the Kumo cloud on D1 has been offering support, which may have stalled further decline.

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