- The price respected the channel for higher timeframe - A Head and Shoulders pattern has been formed - We have Structure confluence - We have Fibonacci Confluence
- The price broken the triangle after rejecting the higher timeframe channel line - TP 1 on the 100% of the fib expansion - TP 2 on 161.8% aligned with previous structure low
- Price action rejected the channel line strongly, this was the signal for my entry - Expecting TP 1 on 50% fibo retracement. - TP 2 on the previous strutcture high.
CADCHF is respecting the Channel Up. Now we may see it rebounding to the lower part of the channel.
We have a trendline about to be broken I expect a retest of the previous structure and price goes down after that. Simples as that. See related idea.
- Divergence on RSI - Possible Trendline Retest - Strong PRZ Wait for the channel break on M15.
Bearish Cypher on H1 Bearish Bat on M30 Bearish AB=CD on M15
We also have Bullish AB=CD Patterns on H1, M30 and M15, all of them acting as confluence.
We have an not perfect bearish butterfly and break of structure. See related ideas.
I'm longing this pair, RSI is oversold and the pattern is already formed. Also we have an advanced pattern on H1 acting as confluence for the idea.
Here we have a cypher with not too good RR, however you can analyze the related ideas for another approach on SL and TP.
A long can fit however the cypher doens't provide a good Risk Reward, maybe you can use related ideas to set another approach on SL, TP.