CADCHF S

Top Down Analysis:

Monthly:
The pair is stuck in a range since 2015;
Key Resistance comes in at 0.775;
Key Support comes in at 0.7225;

Weekly:
Range;
Key Resistance comes in at 0.78750;
Key Support comes in at 0.71600;

Daily:
Price is overextended to the upside;
May find Resistance on 0.775 level;
Found Resistance at 0.7725 which is 161.8 Fibonacci Extension of the trend;

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Moving Down to the 4H for execution:
-MACD Divergence;
-H&S Pattern;

Entry Trigger:
Bearish Pin Bar rejecting 1st Lower High area;

Stop Loss:
A few pips above entry candle's high;

Target Profit:
Previous Resistance + 161.8 Fibonacci Extension Level;

Trade Management:
Set and Forget;

Trade geschlossen: Stop wurde erreicht

Kommentar:

1:1 RR would have been the ideal setup to adopt in this case, since the higher time frames were not really indicating a reversal.