There was a big Bat pattern completed at the end of April and the pair made a nice move down.
Now I am looking for the retest of that zone to go short again :
- another bearish Gartley pattern forming
- a nice ABCD move off the lows to complete at 0.7704
- indicators should be aligned at over bought when price reaches 0.7700
Looking to short at these 0.7700 levels
Earlier this week, I called for a long on CADCHF at 0.7530 region. The pair responded to the harmonic pattern and rose 130 pips to date.
Once it hits 0.77 we are going to look to short. Here are my reasons
1) Gartley pattern
2) Weekly structure
3) Oil hitting $50 and we may see a big short on CAD
If this works out, I will target the huge gartley on D1 at 0.7350.
I see a bullish bat pattern forming around 0.7525 which complements the big pattern to short at 0.7700.
A few weeks back we shorted at 0.7700 and now there is a type 2 test of this level.
It is also nice to see another H4 Gartley coming around the same level.
I saw analysts who analyse this pair (CADCHF) and they conclude that there is sell setup because of some meaningless reasons.
I anticipate there is one more wave to the upside to complete this corrective pattern and after that, there is a sell setup, but if you sell now and your stop loss is at 0.76130, there is a high probability that price hit your SL and then...
CAD/CHF has a near perfect trendline break and back test on the 3 hour chart. Weakness that started in the middle of the week should carry over to next week. Short with a stop above the previous swing high, around 0.7620. Target between .73 and .74.
Rules To Short :
If any candle Closes Below 0.76650 Short Position is Triggered By Financial Institutions
Cadchf Is looking Bearish As it has following Reasons To Short Below 0.76650
Reasons To Short:
1-Moving Averages Are Bending
2-Market Having High Sell Off At Resistance Level
3-Straight Trend line Resistance Is Present (Major Resistance Level ...
FX:CADCHF
This pattern is a potential confirmation to the previous bearish analysis(see in the related ideas). There is still a good chance that price action will remain within the established daily bullish channel and the ABCD pattern itself is not a definitive signal of further bearish movement. The risk of this trade is fairly high so I am putting a tight...
