Make up for missing USDCHF breakout with this CADCHF #forex
Summary
Scenario : Long
- Looking for a bounce of the blue trendline, followed by a break of the red trendline, with entry upon reversal to the red trendline. This reversal will have to be spotted on a lower TF. I think this scenario is highly improbable seen as CADCHF and USDCHF are about 90% correlated with this being a slower less reactive version of USDCHF
Scenario 2: Short(More probable)
-Looking for a break of the lower blue trendline, of the upward facing blue channel. A retracement to it will be a good point of entry and this can easily be spotted on a lower TF. This is also further supported by the presence of a hidden bearish divergence on the rsi(14).
SL:0.82197
TP:077144
TP1 50% of TP
Scenario : Long
- Looking for a bounce of the blue trendline, followed by a break of the red trendline, with entry upon reversal to the red trendline. This reversal will have to be spotted on a lower TF. I think this scenario is highly improbable seen as CADCHF and USDCHF are about 90% correlated with this being a slower less reactive version of USDCHF
Scenario 2: Short(More probable)
-Looking for a break of the lower blue trendline, of the upward facing blue channel. A retracement to it will be a good point of entry and this can easily be spotted on a lower TF. This is also further supported by the presence of a hidden bearish divergence on the rsi(14).
SL:0.82197
TP:077144
TP1 50% of TP