U-Shape Reversal? Possible Opportunity for LONG! Long

CAD/CHFOANDA

Description

⋅ Jul 20, 2020 4:59 AM

Last week, Swiss currency is the strongest of all and we expect it currently in its exhaustive phase in the coming weeks.

We could take this opportunity to capitalize on other currencies.

At weekly TF, CADCHF is trying to make a U-shape pattern and this would be a great opportunity for long with good risk to reward ratio.

This is a long term idea.

The whole setup is invalid if the price breaks the key level or 0.68870.

Trade active

⋅ Jul 21, 2020 5:25 PM

Boom! Just Hit TP 1.

Now making pullback at monthly corrective channel @ lower TL before continuing the 3rd bullish elliot wave entering back into the monthly channel.

You can place your entry at 0.6940. Next TP is at TP2 with the same SL.

All the best

Trade closed: stop reached

⋅ Jul 24, 2020 9:16 PM

Comments

fondPepper1999

⋅ Jul 23, 2020 5:16 PM

where did you put your Fibonacci retracement graph from because I can't see why your 0.618 level is there?

UnknownUnicorn523595

⋅ Jul 26, 2020 8:09 AM

where do you get the monthly channel from doesnt seem to be many touches

Stethostrade

⋅ Jul 27, 2020 1:32 AM

@LeadMan, bro it doesn't have to be specifically many touches. Suffice to say it touch minimum 2 points and most importantly price MOVES within that channel. You can't be perfect though

dawud122

⋅ Jul 22, 2020 11:59 PM

What do you mean by "exhaustive phase"? I am new to trading :D

Subrato-Nandi

⋅ Aug 23, 2020 5:35 AM

"exhaustive phase"?

EVILSON

⋅ Jul 22, 2020 8:19 PM

wow . you are the best . thanks for this great analys

Egiss

⋅ Aug 3, 2020 5:44 PM

@mohammadbabaeig80, wow, his totally wrong