Price has fully tested the potential reversal zone of the bearish AB=CD and it looks good to short.
Trading Pair: CAD/CHF
Time Frame: 15 Minute Chart
Formation: Bearish AB=CD
I was holding off until I saw a test of the 2.0 projection at 0.73485, which happened just moments ago. The main reason being is because of the small S/R range at the AB=CD measurement, price kept testing that upper limit at 0.73400 and finally spiked to test the final measurement in the zone.
This final push up to test the 2.0 projection aligns with resistance on the 1h chart.
Finally, pay close attention to the support trendline in the chart above as we'll want to see price break and close below to confirm the move towards our first take-profit target at the 0.382 retracement.
Trading Pair: CAD/CHF
Time Frame: 15 Minute Chart
Formation: Bearish AB=CD
I was holding off until I saw a test of the 2.0 projection at 0.73485, which happened just moments ago. The main reason being is because of the small S/R range at the AB=CD measurement, price kept testing that upper limit at 0.73400 and finally spiked to test the final measurement in the zone.
This final push up to test the 2.0 projection aligns with resistance on the 1h chart.
Finally, pay close attention to the support trendline in the chart above as we'll want to see price break and close below to confirm the move towards our first take-profit target at the 0.382 retracement.
Trade active:
SL: 0.73600
TP 1: 0.73120
TP 2: 0.72895
I'll monitor the progress of this setup, we may extend TP 2 and leave a portion of our position open.
TP 1: 0.73120
TP 2: 0.72895
I'll monitor the progress of this setup, we may extend TP 2 and leave a portion of our position open.
Comment:
Price is now approaching our first take profit level at 0.382, once this has been achieved move your stop loss to break even.
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