CAD/CHF, Daily
Long or Short:Short
Entry Point:0.8673
Stop Loss:0.8810
Profit Target/s:1st :- 0.8535
2nd :- 0.8450
Reward-to-risk Ratio:1:1 and 1.6:1
Risk percentage:Max 2%-3%
Indicators used: None
Trade Rationale:Pair is in a nice swinging pattern and making lower swing highs and lower swing lows
Now price retrace to test the falling trend ling and counter trend line (in Blue).
You can see counter trend line works as a resistant which was the previous support (once broken working as a resistant)
In addition price is now resting at fibo 50%
All three points are coming together and therefore we can expect a nice bearish move to the down side
However after yesterday’s news release of CAD its becoming strong and therefore we should be careful before short the pair. So I will wait to see a nice bearish momentum candle to close below falling trend line and then consider entry exit points as above
Trade Adjustments: If the falling trend line broken and price shoot up I will cancel my trade.
