see notes on chart please like, follow and comment :) see my Weekly chart for the cadchf below
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This is a current market sell. I will also be looking to buy if it proceeds to drop. Look at my previous trading predictions for CAD/CHF, as I uploaded a Buy Limit idea, earlier today.
Double Top on 4h chart, broke uptrend line, retested it, and presented sell pressure. I'm going short.
CADCHF is approaching our first resistance at 0.7715 (horizontal overlap resistance, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 0.76299 (horizontal pullback support, 23.6% Fibonacci retracement). Stochastic (55,5,3) is also approaching resistance and we might see a corresponding drop in...
CADCHF is approaching its resistance at 0.7715 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap resistance) where it could reverse down to its support at 0.7629(23.6% Fibonacci retracement, horizontal overlap support). Stochastic (55, 5, 3) is approaching its resistance at 99% where a corresponding reversal could occur.
CADCHF is approaching its resistance at 0.7708 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it could reverse down to its support at 0.7524 (50% Fibonacci retracement, horizontal overlap support). Stochastic (55, 5, 3) is approaching its resistance at 99% where a corresponding reversal could occur.
Sell below 0.7708. Stop loss 0.7777. Take profit at 0.7524. Reason for the trading strategy (technically): CADCHF is approaching its resistance at 0.7708 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 0.7524 (50% Fibonacci retracement, horizontal overlap support)....
CADCHF is approaching our first resistance at 0.7531 (horizontal overlap resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 0.7438 (horizontal swing low support). Stochastic (89,5,3) is also approaching resistance and we might see a corresponding drop in...
CADCHF is approaching its resistance at 0.7469 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap resistance) where it could reverse down to its support at 0.7431 (50 Fibonacci retracement, horizontal pullback support). Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.
On the H4 chart of the instrument, the Elliott wave structure is clear to me. The price is starting the 5th wave down after ABC in 4th with AO diver. Strong sell.
CADCHF has formed a Bearish Gartley Potential for Reversal. Enter Short around: 0.7450 - 0.7490 SL: 0.7538 -41 pips TP: 0.7412 +88 pips
CADCHF played out the short opportunity we predicted superbly. We expect a minor pullback to 0.74133 - 0.74075 region which coincides with our daily support now resistance before heading to our weekly support at 0.72611 region
CADCHF is testing its resistance at 0.7410(100% & 61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.7320(horizontal swing low support) could occur. Stochastic (55, 5, 3) has reversed off its resistance at 95% where a corresponding drop could occur.
Sell below 0.7410. Stop loss at 0.7477. Take profit at 0.7320. Reason for the trading strategy (technically): CADCHF is testing its resistance at 0.7410(100% & 61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.7320(horizontal swing low support) is expected. Stochastic (55, 5, 3) has...
tp1: 0.7411 tp2: 0.7471 sl: 0.7287
CADCHF is approaching our first resistance at 0.7401 (horizontal pullback resistance, 100%, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 0.7251 (horizontal swing low support). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish...