CADCHF has retraced to a 50% retracement line that has held for almost two years, so there's a good probability that this line will once again provide resistance. If the 50% line fails, next potential short entry for me (on a daily time frame) would be at the red 61.8% retracement line.
The not-very-clear pink arrow over to the left shows when these fibs were first drawn, at the start of 2015. The 0%, 61.8% and 50% lines have provided a few good longer-term entry points since then.
The not-very-clear pink arrow over to the left shows when these fibs were first drawn, at the start of 2015. The 0%, 61.8% and 50% lines have provided a few good longer-term entry points since then.
Note
Zoomed in to a 4 hour chart, as of this post CADCHF has made an almost-perfect tag of this long term 50% retracement line.
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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.