CADCHF Short Opportunity
Hello traders !
What can we see on the chart ?
You can see a clasical impulse-correction-impulse pattern on the daily timeframe. Price has made nice bearish flag which is known as continuation pattern.
Alsoo Elliot Wave theory tells us that last 6th wave is completed so we could see some sell pressure soon (6 waves because this is triangle)
Short-term scenario - Zone-to-zone trading - Sell on the resistance level and close on the support level.
Long-term scenario - wait for a support trendline breakout and support level breakout and then go short. Possible take profit should be on -0.272 fibonacci extension level.
We have nice possible 1:6 RRR
Also fundamentals are good for us. Oil should go down (CAD weakens) and gold should go up (CHF strengthens)
Thank you for reading !
What can we see on the chart ?
You can see a clasical impulse-correction-impulse pattern on the daily timeframe. Price has made nice bearish flag which is known as continuation pattern.
Alsoo Elliot Wave theory tells us that last 6th wave is completed so we could see some sell pressure soon (6 waves because this is triangle)
Short-term scenario - Zone-to-zone trading - Sell on the resistance level and close on the support level.
Long-term scenario - wait for a support trendline breakout and support level breakout and then go short. Possible take profit should be on -0.272 fibonacci extension level.
We have nice possible 1:6 RRR
Also fundamentals are good for us. Oil should go down (CAD weakens) and gold should go up (CHF strengthens)
Thank you for reading !
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