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
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.

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

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
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.
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.

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

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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