Scenario : Long
- Looking for a bounce of the blue , followed by a break of the red , with entry upon reversal to the red . 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 , 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 divergence on the (14).
TP1 50% of TP