Potential CADCHF Short

Trading Discussion
1

Here are my thoughts on CADCHF. This isn’t a pair that I trade often, but it could be a good one.

We seen a big spike in CAD strength yesterday, but we have come to a strong untested supply zone. You can see that price has hit the zone and rejected multiple time. Another confluence to take into consideration is the uptrend that has been broken, but retested, along with the 78.6% Fib.

Personally I would wait for price to retrace a little before entering a short, with stops above the supply zone and TL.

I would aim to take profit (or partials) at the marked demand zones, depending on price action around those areas.

Let me know what you think below.

CADCHF Short
CADCHF Short1463×828 58.2 KB

1 Like
2

I’m thinking this will continue to rise long term so I’m not selling yet unless for a quick scalp

3

finished trading for the day but i enjoyed your analysis here. very concise

4

Played out perfectly here. Looked good for the drop and it duly obliged. Took its time though

5

I’ll be looking add this pair to my shorts next week. I think your analysis is spot on.

6

Next week can be promising for some long positions already but we`ll see.