CADCHF, daily tf, descending channel short opportunity
Hello my friends,
I hope you all enjoy your weekend.
I will share my trading plan for next week and i hope it gonna be useful to everyone.
The last few days CAD was so weak that i think it could fuel furher weakness.
All the major pairs was strenghtening against USD but only CAD going into other direction.
My first plan for next week is CADCHF pairs. As you can see we're currently inside a descending channel.
As long as price inside this channel, taking sell/short positons are more favorable.
Only a solid close above this channel can change our bias from sell to buy.
Notice that the Friday candle validate a solid close below the inside bar pattern of previous 2 candles.
We might see a continuation to the downside in the coming week
I am not going to enter right away but i will wait for a retracement towards 0.6935 to enter my sell.
Sell limit CADCHF 0.6935
Stop loss 0.6975
Take profit 0.6855 (2R)
RR Ratio 1 : 2
Use 1-2% risk only
Take partial profit once we got +40pips profit and set SL to entry.
Good luck
I hope you all enjoy your weekend.
I will share my trading plan for next week and i hope it gonna be useful to everyone.
The last few days CAD was so weak that i think it could fuel furher weakness.
All the major pairs was strenghtening against USD but only CAD going into other direction.
My first plan for next week is CADCHF pairs. As you can see we're currently inside a descending channel.
As long as price inside this channel, taking sell/short positons are more favorable.
Only a solid close above this channel can change our bias from sell to buy.
Notice that the Friday candle validate a solid close below the inside bar pattern of previous 2 candles.
We might see a continuation to the downside in the coming week
I am not going to enter right away but i will wait for a retracement towards 0.6935 to enter my sell.
Sell limit CADCHF 0.6935
Stop loss 0.6975
Take profit 0.6855 (2R)
RR Ratio 1 : 2
Use 1-2% risk only
Take partial profit once we got +40pips profit and set SL to entry.
Good luck
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