Great Short Opportunity (Break & Retest) CADCHF
Updated
A great opportunity to short CADCHF to close the week.
I'm personally looking for a break and retest of my 4HR structure, before going short on CADCHF. To TP1, we're looking at a nice 73pip movement to the downside to settle at 0.69357. I would recommend taking this with a 25pip stop loss for a risk to reward ratio of 2.92.
I would then aim for it to break the structure settled around that area to head further down to the region of 0.68322 for a even better looking 102.6 pips. For this I would set my stop loss to 40pips, to clear some previous structure and allow some market movement whilst obtaining a 2.58 risk to reward ratio!
Please let me know your guys thoughts!
*Please note this is my own personal analysis, and I strongly recommend that you carry out your own analysis before executing a trade. Please do not take this analysis as gospel.*
I'm personally looking for a break and retest of my 4HR structure, before going short on CADCHF. To TP1, we're looking at a nice 73pip movement to the downside to settle at 0.69357. I would recommend taking this with a 25pip stop loss for a risk to reward ratio of 2.92.
I would then aim for it to break the structure settled around that area to head further down to the region of 0.68322 for a even better looking 102.6 pips. For this I would set my stop loss to 40pips, to clear some previous structure and allow some market movement whilst obtaining a 2.58 risk to reward ratio!
Please let me know your guys thoughts!
*Please note this is my own personal analysis, and I strongly recommend that you carry out your own analysis before executing a trade. Please do not take this analysis as gospel.*
Trade closed: target reached
We reached TP1! Congratulations to anyone who got in on the trade!
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