This is a breakdown of what I see on the 30M CAD/CHF chart. This is all based on Brooks Price Action.
- Strong Bear Trend Bar - Measured Move Target based on Last Big Bear Spike - Support Below (2 Pink Lines) should act as a magnet
Looks like a Good Major Trend Reversal
The basic premise of Major Trend Reversals, From Al Brooks Video Series. I will be trading this way for a while.
Potential Major Trend Reversal. 1. Bull Trend 2. Test of Moving Averages (20 & 60) 3. Lower High formed 4. Decent Selling Pressure (Consecutive Bear Bars, seen visually, compared to previous Bull Bars) 5. Fairly 50/50 if it will break up or down, but I take the trade because my profit target is potentially 2 x's my initial risk, 1x.
So i know most traders have posted their analysis on this pair throughout the last week or two so i thought id throw up my own. I got in just under the 0.75 even handle after the break and retest of the double top neckline , I could of got a better entry if i entered on the break and retest of the CTL which also created the Double Top but to be honest i missed...
PA broke the 2011, now waiting for a retest, and it's a long.