CDA/CHF IDEA
Hello traders! This is my full analysis for this pair. As seen on the chart above, price is in a clear bearish trend. We have multiple confluences that indicate that price is done retracing and ready to continue the overall bearish trend:
1) Price continues to make LL's.
2) Price is still beneath the 50 EMA.
3) Price has created multiple wick rejections at the 0.764 fib level. Ideally price would have rejected at the gold zone (0.50 & 0.618) but the markets are never perfect, a
0.764 rejection is still valid.
4) A daily candle has closed bearish at a major fib level, this means we are ready to scale down and look for chart patterns that can give us the best possible entry, such as a
double top or H&S.
If you like this idea please hit the like button & follow me for more ideas like this in the future!
Good Luck Traders!
1) Price continues to make LL's.
2) Price is still beneath the 50 EMA.
3) Price has created multiple wick rejections at the 0.764 fib level. Ideally price would have rejected at the gold zone (0.50 & 0.618) but the markets are never perfect, a
0.764 rejection is still valid.
4) A daily candle has closed bearish at a major fib level, this means we are ready to scale down and look for chart patterns that can give us the best possible entry, such as a
double top or H&S.
If you like this idea please hit the like button & follow me for more ideas like this in the future!
Good Luck Traders!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.