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Cadchfsetup

CAD/CHF SHORT SETUPfter nearly 6 months of consolidation, we saw the bottom fakeout and the begining of the rising up of the Canadian currency. At the 66.7% fibo level, we saw the beginning of the start movement and the creating formation of the HnS pattern. At the moment, we expect a retest of the neckline and another drop down. If the market does not negate the pattern, we expect further reactions in the 50-66.7% fibo zone and a correction that will probably break out the imbalances that occurred around the neckline. The continuation of the movement is expected to the 1.61% level of fibo expansion, which at the same time may complete another HnS pattern in D1 tf, which will probably start of full trend reversing The yellow fields are the supply / demand zones. The places marked in red are the most important zones where fibo, s / d, s / r pivots clusters overlap. Note that moving avarages in chart works as support / resistance . It is also worth taking a look at the strong reaction at the fibo levels of 55.9% and 61.8 (excluded) -66.7% fibo+Elliot Waves Warning! Im using different settings of cloud If you want to know more about the strength teamt and the precise direction of the trend and reaction to the zones, I recommend that you start using Heikin Ashi and Renko candles If u have any questions ur always welcome to write [email protected] ~~~Remember that the above analysis is only an idea :) You are responsible for your money yourself.~~~~ The market will verify! Bless!
Short
by InfiniteHFX
1
CADCHF: Triangle patternThe Darkest hour is that before the down, the great hope and light which always draws you towards itself. In Elliott wave analysis, these sparkling lights are the patterns, and when we encounter a pattern, we can build the whole path. What we have learned in Elliott's rules is the importance of the patterns, the most valued of these patterns are Diagonal and Triangle, which we can determine the direction of the movement according to their position. In the case of this currency, a Triangular pattern is being formed and we know that this pattern can be formed in wave B or 4. For this reason, and considering the history of the chart, we can consider this wave as the 4th wave, which will start the uptrend in wave 5 after the downtrend.
by NirmataFX
3
CADCHF, 4hr tf, double top pattern inside descending channelHello my friends, Another setup to trade is CADCHF pairs. As you can see CADCHF moving inside a descending channel for the last 2 months. I don't see any pattern to confirm a breakout yet. As long as price inside this channel, we will only look to sell. There is a double top pattern and price currently retracing at 61.8% fibonacci level. Exactly at this area, there is EMA-200 which acted as resistance. If you look to the left, there was a gap from this point as well before which i think will acted as a resistance as well. In conclusion, this 0.6930 area is an area of confluence resistance. Sell CADCHF 0.6930 Stop loss 0.6965 Take profit 0.6860 (2R) RR Ratio 1 : 2 Use only 1-2% risk Good luck
Short
by HayatoDragonFX
3
CADCHF | Perspective for the new weekThe impact of Sellers in February 2020 (Bearish Impulse leg that lasted a month on the weekly chart - ) appears to be too strong for the Buyers to gain that confidence needed to invest in the CAD. With the present Head and Shoulder look alike, I shall be patiently looking out for a significant Breakdown of Neckline and Support level @ 0.69300 to hop in the decline. Tendency: Downtrend ( Bearish ) Structure: Channel | H & S| Supply & Demand Observation: i. Despite having a Bullish structure, the CAD$0.0.69800 level has been a very stronghold for Sellers since mid-October 2020. ii. Bullish move from CAD$0.69400 (Support level) continue to be rejected @ CAD$0.69800 hence making it a major level for Supply. iii. With the present character in the market, the Breakout of CAD$0.698000 on the 9th of Nov. 2020 appears to be false as the price continues to experience weak Bullish momentum springing from the Bullish Trendline. iv. This been said, CAD$0.69300 level becomes a level to watch out for significant breakdown for confirmation this week. v. It is also worthy to note here that a significant Breakout of CAD$0.70000 level this week might render this setup invalid and an immediate shift to a rally continuation shall be activated. Trading plan: SELL confirmation with a minimum potential profit of 100 pips. Risk/Reward: 1:3 Potential Duration: 1 to 5 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry